Germany's Marenave preparing new rescue attempt

German shipowner Marenave Schiffahrts has sold all the vessels in its fleet and will, in the coming weeks, present an alternative to the rescue plan that was recently withdrawn.

Germany's Marenave has been straining since the beginning of this year to survive the financial woes currently enveloping the carrier. Marenave will sketch out an alternative future in the coming weeks, along with a concept for raising capital, the company states.

The announcement comes after the original rescue plan was discarded when the two investors Offen Group and insurance company DEVK withdrew. Ahead of the shipowner's general assembly, the two investors had called for a capital reduction, but this item was postponed at the request of the carrier's executive management and board.

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