State Owners Sell Germany’s HSH Nordbank, Once the World’s Largest Shipping Bank, to Buyout Groups

By Arno Schuetze and Jan Schwartz HAMBURG, Feb 28 (Reuters) - A consortium of buyout groups will pay around a billion euros for Germany's HSH Nordbank , once the world's largest ship financier, as it emerges from crippling writedowns and state bailouts triggered by the deepest sector slump on record. The bank's regional government owners said on Wednesday they had … [Read more...]

HSH Nordbank Privatization Attracts Private Equity Offers -Sources

FRANKFURT, Oct 29 (Reuters) - The owners of Germany's HSH Nordbank received binding offers from private equity groups Apollo, Cerberus and J.C. Flowers by a deadline on Friday as part of its EU-enforced privatisation, people close to the matter said. The owners of HSH Nordbank, which required a state rescue after being hit by the slump in the shipping industry, confirmed in … [Read more...]

HSH Nordbank Starts Talks With Potential Buyers

(Bloomberg) HSH Nordbank AG will stick to its full-year outlook when it reports nine-months results next week, a crucial yardstick for potential investors as the bank starts to gauge interest in its planned privatization, according to a person with knowledge the plans. State-owned HSH still expects significantly lower net income in 2016 as the legacy shipping loan book … [Read more...]

Germany Bails Out Bad Shipping Loans

German state-controlled lender NordLB has agreed to take full control of its loss-making Bremer Landesbank (BLB) unit, which is suffering from a weak shipping market that is chipping away at its capital. The owners of BLB said in a joint statement late on Wednesday that the city of Bremen would receive 180 million euros ($201 million) for its 41 percent stake in the … [Read more...]

Bad Shipping Loans – HSH Nordbank to Ditch ‘Substantial Legacy Assets’

By Nicholas Brautlecht (Bloomberg) -- HSH Nordbank AG, the German lender suffering from bad shipping loans, said it’s seeking to cut “substantial legacy assets” to help return to a healthy balance sheet after a 2009 bailout and Fitch casted doubt over its business model last week. Shareholders, including regional states Hamburg and Schleswig-Holstein, and the European … [Read more...]