SIYANIE SEVERA

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Suspension of payments

Flinter Groep and Flinter Fleetholding confirm that on Wednesday evening ING Bank has accelerated her credit lines and that there is no other option than to file for suspension of payments. The downturn in shipping continues now for the 9th year and prospects are not yet positive. The sudden move by ING Bank has taken us by surprise. Only last week we were informed that the bank is not willing to renew the financing of the 8 vessels owned by Flinter Fleetholding and the MV Flintersky that had expired on October 1st. The bank sees no other option than to sell the vessels. During subsequent meetings we discussed the preferred route to sell not by auction. In response we requested the bank last week Thursday to make it possible that until the end of the month all suppliers could be paid, while we would produce a plan how to best sell the 9 vessels (and thus maximize the proceeds for the bank. Four working days later ING Bank informs us that all loans are being called. We are extremely sad about all this. In our opinion there are only losers: our staff on shore and on the vessels, the owners of the vessels and Flinter, the many partners and suppliers that support the vessels in the recent years with better payments terms etc. It is also expected that the bank will lose millions. Despite all emotions, we will continue to act professionally and transparent to all parties. After 8 years of fighting hard it is sad that our journey ends here. http://www.flinter.nl/index.php/en/news