Bank Syndicate News

Bank syndicate led by DVB Bank SE completed a $175 million financing of a 34 Bulk Carrier portfolio for Polsteam Group.Polska Żegluga Morska known as Polsteam or PŻM, is a cargo ship operator based in Szczecin, Poland. It has one of the largest route networks in the world, offering services to around 60 countries.The syndicate consisted of DVB Bank, CIT Group, Société Générale, BNP Paribas, Siemens Bank, Crédit Agricole Corporate & Investment Bank and Crédit Agricole Bank Polsk.No further details on the transaction have been revealed.DVB Bank SE, headquartered in Frankfurt/Main, Germany, specialises on the international Transport Finance business.

Greek drybulk cargo ship owner, Paragon Shipping, informs it has entered into a firm commitment with a European bank syndicate to partly finance up to 60 % of the market value of their two new Ultamax newbuilds due to be delivered in 2015. The new $120.0 million senior secured amortizing credit facility is with a syndicate of banks led by Nordea Bank Finland PLC. Paragon adds that the six-year facility is subject to the execution of definitive documentation and completes the financing for their Ultramax newbuilding program…

Victoria Santos-Pires has joined London-based ship finance consultant Eurofin. Santos-Pires has been a shipping financier for more than fifteen years, most recently as loan portfolio manager with Tufton Oceanic Limited where, in an eleven-year spell, she handled the overall implementation of loan transactions. Prior to that, she was with Swiss Cantobank in London, and Chancery Bank. In addition to her extensive experience of the ship finance sector, Santos-Pires brings to Eurofin client, transaction and bank syndicate management skills, together with financial and documentary administration capabilities, and refinancing, restructuring and vessel sales experience.

Hvide Marine Inc. has submitted a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. This filing allows Hvide to operate its businesses in a regular fashion under court protection with adequate funding, while it continues discussions with representatives of specific major creditors and others on a restructuring plan that would deleverage its balance sheet, restore liquidity and enhance its competitive ability in the marketplace. To ensure liquidity throughout this period of reorganization, the company has secured a new $60 million debtor-in-possession (DIP) credit facility from its current bank syndicate, led by Citibank and BankBoston. The company expects to break off from Chapter 11 later this year or in early 2000.

Hvide Marine Inc. has submitted a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. This filing allows Hvide to operate its businesses in a regular fashion under court protection with adequate funding, while it continues discussions with representatives of specific major creditors and others on a restructuring plan that would deleverage its balance sheet, restore liquidity and enhance its competitive ability in the marketplace. To ensure liquidity throughout this period of reorganization, the Company has secured a new $60 million debtor-in-possession (DIP) credit facility from its current bank syndicate, led by Citibank and BankBoston. Upon completion of this restructuring program, the Company expects to break off from Chapter 11 later this year or in early 2000.