Chilean carrier CSAV said it has raised $145 million of new capital, most of it in the form of new equity from existing shareholders.
This was higher than its original target of $130 million. It said the recapitalization is part of a plan to raise $710 million in new capital.
The financially strapped container line plans to raise another US$220 of fresh capital through a second financing effort. It has to succeed in both fundraising efforts in order to fulfill its agreement with German charter shipowners to mitigate the company’s charter rates in return for an equity stake in the company.
The Chilean line is selling off its nearly 27 percent stake in port services company Agunsa through an auction, and is considering a similar divestiture of its 13 percent stake in CCNI, another Chilean shipping line.
This was higher than its original target of $130 million. It said the recapitalization is part of a plan to raise $710 million in new capital.
The financially strapped container line plans to raise another US$220 of fresh capital through a second financing effort. It has to succeed in both fundraising efforts in order to fulfill its agreement with German charter shipowners to mitigate the company’s charter rates in return for an equity stake in the company.
The Chilean line is selling off its nearly 27 percent stake in port services company Agunsa through an auction, and is considering a similar divestiture of its 13 percent stake in CCNI, another Chilean shipping line.