From possible sale: HSH Nordbank to the next debt

HSH Nordbank must be privatized or liquidated. Waivers to facilitate this path. But probably investments are still necessary to make it an investor tasty.

Heinrich Schoeller has tried many things in his life. As captain, he drove some years at sea before he started his own business as an entrepreneur. He was active in the hotel business and operated several luxury hotels. But his greatest commitment was the boat trip – and that makes him the last few years much difficulty. For his shipping group, Schoeller Holdings Ltd. based in Limassol in Cyprus has come into difficulties and negotiates with HSH Nordbank on a rescue plan for some time.

Around 1.5 billion euros of debt should have at times been at the bank, which had once risen in blind expansion delusion largest ship financier in the world Schoeller Company. To solve the difficulty with the major borrowers, HSH is now clearly prepared to make larger incisions. Of informed people, it was said that the board was considering on receivables of about $ 800 million to forego the equivalent of around 680 million euros. This should pave the way for a merger of Schoeller shipping company with the Cypriot competitors Marlow Navigation, which is to ensure the operation on a more stable basis. Schoeller and Marlow owner Hermann Eden are apparently prepared to contribute 149 million US dollars of its own funds.

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In Hamburg, the message stir provides, for the discussion of waivers of HSH had last struck high waves. So had the Northern Bank, which is majority-owned by the states of Hamburg and Schleswig-Holstein, issued approximately 547 million euros of debt last year, the shipowner Bernd Kortum. This was heavily criticized because Kortum had recently bought a multi-million euro yacht. In the case of Bertram Rickmers, however, HSH was not after, but the company was going into bankruptcy. Therefore, the opposition in the citizenry sees many open questions: “We expect finance minister Peter Tschentscher and the experts of the bank at the next meeting of the Committee the background and motives explain this deal to public companies” of economic policy spokesman of the FDP parliamentary group, said Michael Kruse.

HSH must be privatized or liquidated

For the countries, the subject is delicate because they are related to their state guarantees for some of the losses currently caused by write-downs on bad loans. They also stuck looking through the sales process for HSH, which must be privatized at the behest of the European Commission or settled. Nevertheless, they defend the waivers. Because first the critical exposures at Rickmers, Kortum, Schoeller, and Co. had long been covered by risk provisions and offset against the public guarantees. Say: The money has long since lost and merely been formally removed from the balance sheet. And second, the waiver could be the lesser of two evils, especially “if it brings a total loss even larger scale is prevented by a bankruptcy,” said a spokesman for the tax authority.

In the case of Heinrich Schoeller, this applied to be disclosed. The shipowner, who founded the company in 1978 in Cyprus and is now a fleet of some 400 ships had looked set over the past few years, many stone unturned to save the widely branched group. Despite the difficult environment, which is characterized by a huge oversupply of tonnage and a sharp fall in freight and charter, he should have certainly made progress in “Schoeller has the problems for years worked step by step, working closely with HSH Nordbank “cooperates says a hamburger industry experts. “This is a close relationship of trust has been created.”

Even in the face of HSH, it was said that one is relieved that the trouble with Schoeller, the largest borrowers in the Shipping Division can be solved. For Nordbank is important because it wants to get rid of as many contaminated sites before talks with potential buyers of the bank in the fall going into the decisive phase. For the profitable core business, the so-called core banking, there are several interested parties. But the in-house breakdown bank for bad loans in the loans to Schoeller lie and continues it’s for worries and could jeopardize the sale.

For some time it was clear that potential buyers take this internal “bad bank” only if they were given a dowry. But now it is increasingly clear that the proposed financial framework should not be enough. In addition to the guarantees of 10 billion euros in additional funds height of 3 to 4 billion euros are expected to be needed to make the restructuring unit to an investor palatable or unwind under the umbrella of the countries, it said on Friday in informed circles. The Hamburg Finance Senator Tesch Paget “If countries want to take any more money in the hand, then the privatization of HSH Nordbank will not succeed.” (SPD), however, had recently said that a “more risk-taking” was not acceptable for the countries.

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