Latest news from Heavy Lift & Project Forwarding International Magazine

Heavy Lift Across the World

Hedge funds twice rebuffed by BBI

October 1 - A refinancing proposal from a group of international hedge funds has been rejected by the board of Babcock & Brown Infrastructure (BBI), the majority shareholder of Luxembourg-based Euroports, writes James Graham.

On 17 September, BBI received a refinancing proposal from The Royal Bank of Scotland on behalf of an investor group comprising primarily international hedge funds. The board assessed the approach against an existing agreement with a cornerstone investor and considered it did not improve on the earlier approach.

"The RBS proposal does not fundamentally address the debt position of BBI. Of the total new funding proposed of USD1.5 billion, only USD500 million is equity. The net new equity raised after transaction costs and other payments will not materially change the current gearing levels of BBI or address near term debt maturities at the operating businesses," says BBI.

On September 28, RBS put forward a revised proposal but again the board rejected its approach.

Euroports claims to be Europe's most diversified port operator. It is focussed on the bulk and general cargo sectors and has activities in Belgium, France, Germany, Spain, Finland, Bulgaria and Italy. 

BBI also owns, but is seeking a buyer for PD Ports, one of the UK's biggest bulk cargo handlers.

Heavy Lift | News

FROM THE MAGAZINE: Road rules drive cargoes on to rail thumbnail image

FROM THE MAGAZINE: Road rules drive cargoes on to rail

June 24 - Germany is seeing more project cargoes switching to rail as road regulations are more strictly enforced, while in Russia the sheer distances involved ensure the economic advantages of rail, writes Yvonne Mulder.
Views: 280
Duke steps up at Grieg Star thumbnail image

Duke steps up at Grieg Star

June 21 - Matt Duke is to succeed Camilla Grieg as ceo of Grieg Star, effective July 1, 2019. 
Views: 543
DSV nominates Panalpina board members thumbnail image

DSV nominates Panalpina board members

June 21 - DSV has nominated Kurt K. Larsen, Thomas Plenborg, Jens Bjørn Andersen and Jens H. Lund for election to the Panalpina board of directors.
Views: 925
Schmidbauer moves crawler crane for BLG thumbnail image

Schmidbauer moves crawler crane for BLG

June 20 - Schmidbauer has mobilised a Liebherr LR 1600/2 crawler crane to the BLG AutoTerminal Bremerhaven where it will be used to handle project cargo.
Views: 673

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.