The American Chatsworth Invests $ 400 Million In Elefsis Shipyards

According to a recent article in the Greek press, the US investment bank Chatsworth Securities LLC has agreed with Onex Elefsis Shipyards, LLC, to participate in an investment of $ 400 million in Elefsis Shipyards as part of their ongoing rescue operation.

Chatsworth Securities LLC is based in New York and apart from being a shareholder, it also becomes an institutional financial partner of Onex Elefsis Shipyards. The agreement was signed on July 19, 2019.

Onex Elefsis Shipyards has agreed to the ownership of the second largest shipyard in Greece to take 100% of the Elefsis Shipyards as strategic investor through Greek Bankruptcy Law and in particular by submitting a resolution plan for approval by the Greek courts within a period of 3 to 6 months.

Onex is already in contacts with the Greek government as well as the shipyard creditors for alternatives to restart the yard. The same model was applied by ONEX in the case of the Neorion Syros shipyard and it was a success.

The entire deal is estimated to exceed $ 400 million -in the next 15 years- and it will be the largest business rescue in the Greek shipyards history as well as one of the largest in the European history.

The investment bank Chatsworth Securities LLC was founded 20 years ago by Curt Gowdy and some veteran bankers of Wall Street. Chatsworth, which collaborates exclusively with family-friendly family organizations and agencies, has raised more than $ 3 billion through public listings, secondary offers, and share capital increases for a significant number of traditional and alternative asset management companies. It maintains strong relationships with institutional investors, including pension funds, institutions, insurance companies, hedge funds and family property management offices.

Chatsworth mainly focuses on shipping, biotechnology, real estate, insurance, transport, financial markets, capital markets, secured asset-backed loans, alternative energy, oil and gas.

Source: KATHIMERINI newspaper (23.07.2019)

Ferguson Shipyard Could Be Nationalised Amid Ferry Row

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That option is the increasingly likely outcome of a dispute over the building of two west coast ferries for CalMac.

Liverpool Terminal Has Been Approved Despite Increasing Costs

Manx government funding has been approved for a £38m passenger ferry terminal in Liverpool despite costs spiralling by more than a fifth. The project, which received planning permission in April, will cost £6.5m more than originally estimated.

The ferry terminal will be able to accommodate up to 1,000 passengers and 200 vehicles. The facility, which is due to open in March 2021, will be built at Princes Half Tide Dock, about 670m from the existing terminal at the city’s Pier Head.

When complete, the terminal will be leased to the Isle of Man Steam Packet Company.

£38m Isle Of Man Ferry Terminal Funding Approved Despite Rising Costs

Manx government funding has been approved for a £38m passenger ferry terminal in Liverpool despite costs spiralling by more than a fifth.

The project, which received planning permission in April, will cost £6.5m more than originally estimated.

The need for “additional structural and construction work” on the site and the quay walls have been blamed for putting up costs.