MPC secures $200m rescue package

MPC Container Ships Invest B.V. has managed to secure a majority bondholder vote for a $200m rescue package.

Constantin Baack, chief executive officer, MPC Container Ships, speaking at the bondholder meeting on 3rd July commented: “The results of today’s bondholders’ meeting confirm the strong support shown by the bondholders for the bond amendments set forth by MPC Container Ships Invest and the recapitalisation of MPC Container Ships and its subsidiaries. The bond amendments are an integral part of safeguarding values for our stakeholders and ensuring operational stability during and following the COVID-19 pandemic for MPC Container Ships, our employees and crew serving on board our vessels.

The proceeding step in MPC Container Ships’ recapitalisation plan is to execute an equity private placement. To this end, MPC Container Ships has summoned an extraordinary general meeting to be held on Monday 13 July 2020 to address an increase in the company’s share capital, necessary as part of the above resolution with bondholders and to position MPC Container Ships for the post-COVID recovery.”

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