Tag: Grupo Armas Trasmediterránea | Ferry Shipping News

Kent S. Hagbarth is an international executive with a distinguished track record of more than 35 years in the shipping transportation Industry. Kent brings solid experience in growth and transformation in multiple executive positions. His expertise will be instrumental in guiding Grupo Armas Trasmediterránea in its next phase of growth and development. Hagbarth has spent his entire professional career at Maersk, playing a key role in cultural change and transformation to focus on client experience.

Grupo Armas Trasmediterránea entered into an agreement in April 2023 with its main creditors, including a robust group of Noteholders, in order to facilitate the implementation of a comprehensive restructuring of the Group’s capital structure and deliver its balance sheet.

The Restructuring Plan was filed in Court on 27 September 2023 and the Group is currently waiting for the homologation to become effective.

• The company reached an agreement with its main creditors and shareholders to reduce its debt.
• The agreement also contemplates the permanence of the Armas family in the capital of the company and the promotion of its ambitious improvement plan.
• The proposal for the refinancing and recapitalization of the existing debt of the Group includes a capitalization of the bonds that constituted the bulk of the debt and that totaled 445.9 million euros, and that after the transaction will remain at 178.4 million euros.
• Commitment of the new majority shareholders -with 94% of the capital- to provide financing for an amount of up to 73.3 million euros to cover any liquidity needs of the Group while carrying out carry out the agreed recapitalization process.
• Once the agreement is completed, the company’s shareholders will be made up mainly of investment vehicles advised by JP Morgan, Barings, Cheney Capital, Bain Capital and Tresidor, as main creditors, and by the Armas family, which will remain as shareholders.
• Appointment of Sergio Vélez as CEO.