Chilean shipping firm Vapores has reported that it hopes to raise $1.2 billion to counter a business hit caused by lower shipping rates and higher oil prices, ifw-net reports.
Vapores said in a statement it had lost $525 million in the first half of the year and expects "very significant" losses for 2011.
It is understood that Chilean business conglomerate Quinenco will finance $1 billion of the capital raised, Maritima de Inversiones will finance $100 million and shareholders will finance the remaining $100 million.
Vapores has also asked for $250 million in credit from Quinenco and $100 million from Maritima de Inversiones.
The capital increase will be submitted to shareholders at a meeting on October 5, Vapores said.
Vapores said in a statement it had lost $525 million in the first half of the year and expects "very significant" losses for 2011.
It is understood that Chilean business conglomerate Quinenco will finance $1 billion of the capital raised, Maritima de Inversiones will finance $100 million and shareholders will finance the remaining $100 million.
Vapores has also asked for $250 million in credit from Quinenco and $100 million from Maritima de Inversiones.
The capital increase will be submitted to shareholders at a meeting on October 5, Vapores said.