A few weeks ago, Hapag-Lloyd sold off some of their stake in a terminal, in order to secure financing.
Now, the German government thinks that wasn't very smart, and they want Hapag-Lloyd to buy it back, to use as collateral for the requested government bail-out.
I guess investors are thinking the only thing of value now is the terminal. That does not bode well for Hapag-Lloyd the container carrier.
From the Journal of Commerce
Germany did not accept terms of the rescue of container shipping line Hapag-Lloyd, Germany's Bild newspaper reported without citing sources..
Investors had tried to secure a $1.71 billion loan guarantee from the German government in a package submitted last month. But the government demanded collateral that shareholders couldn’t agree on.
Berlin said Hapag-Lloyd should buy back from its own shareholders, TUI and the Ballin Consortium, a 25.1 percent stake in the Altenwerder container terminal, according to the newspaper. That stake would be collateral for the loan guarantee
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