Santiago de Compostela recibe a la Camerata de la Escuela Superior de Música Reina Sofía en un concierto del ciclo “Centenario Telefónica”
STATEMENT – Dec 27, 2019
On Dec 2 Cruise Yacht Upper Holdco Limited (CYUHL) made a joint announcement together with PMI Holdings, B.V. and ALBACORA to declare that the parties had reached an agreement in principle with respect to an Out-of-Court solution with respect to the future of HJ Barreras as per the needs expressed by the company.
Cruise Yacht Upper Holdco Limited (CYUHL), CESCE, and Caixabank today announce that they have made considerable progress on the financial agreements required to complete the restructuring at Hijos de J. Barreras and enable the future of the shipyard to commence.
Central to the solution is a clear commitment by CYUHL to contribute to the holistic restructuring by all stakeholders with an increase of the purchase price for the current vessel (Evrima) under construction to ensure that the current negative equity at HJ Barreras will be cured. This has already been communicated to all stakeholders of HJ Barreras. In addition CYUHL has also now extended the validity of the contract for a sister vessel of Evrima that it signed earlier in May of 2019.
The current progress is part of the overall restructuring as per the needs expressed by Hijos de J. Barreras that will include the temporary appointment of external, experienced teams that will work towards Hijos de J. Barreras’ continuity. These new teams, including new directors, will be tasked with ensuring the completion of Evrima, the Ritz-Carlton Yacht Collection’s inaugural cruise ship, as well as other viable contracts of Hijos de J. Barreras. It will also form the foundation for Hijos de J. Barreras to win new, profitable business in the future.
“We are pleased to have the support of CESCE and the financing banks under the lead arranger Caixabank as we pull together the final elements required to restart production. These partners together with Pemex and Albacora have been essential collaborators with our solution for Hijos de J. Barreras. In addition, we know that this can be a difficult time of year for those who are also concerned about the future prospects of the shipyard. We would like to thank the workers, suppliers and subcontractors for all of their patience and support to date while we work to put the final pieces of the solution in place. We are committed to the soonest possible recommencement of production” commented Douglas Prothero, CEO, Cruise Yacht Upper Holdco Limited.
“CESCE placed its confidence in the business plan and management team of CYUHL from the early days of its application as a client in Spain. From the moment the difficulties were known to it, CESCE has been working with all parties involved in trying to find a solution for the shipyard’s viability. In these past months, it has become clear that CYUHL has been the only party who has come to the table with a viable proposal to restart production at the shipyard at the soonest possible date and, on that basis, CESCE continues to work very closely with CYUHL, the banks and the yard in order to make that possible”, CESCE commented.
*Para más información o preguntas acerca de Cruise Yacht Upper Holdco Limited (CYUHL) contactar con Atlántica Comunicación a través del correo electrónico info@atlanticacomunicacion.com o el teléfono 986 260680.
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