The Chilean shipping company CSAV (Compañía Sud Americana de Vapores) which is the largest in Latin America has reached an agreement with shipowners coordinated in Hamburg for the financial strengthening of CSAV. The plan contemplates a program of capital increases for USD 710 million. It also expects other shipowners to cooperate but this will be dealt seperatly. The program considers an initial capital increase for USD 130 million which is underway. Existing shareholders have expressed their willingness and commitment to subscribe and we expect to successfully conclude this first capital increase in June. Afterwards, a second capital increase for USD 220 million will take place and shipowners coordinated in Hamburg have committed their articipation to guarantee a 100% subscription of a third capital increase for USD 360 million.

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Quelle: http://www.imc-ag.com/ (IM+C AG)