Vapores Advances Equity Raise

Chilean shipping company Vapores has received a commitment from a group of ship owners guaranteeing their 100% participation in a $360m capital increase. The agreement is part of a $710m fundraising plan approved in April, which includes a $130m equity increase now underway, followed by an increase of $220m. The funds are being raised from existing shareholders and a group of ship owners that leases ships to Vapores. It expects to complete the $130m first phase by the end of this month. HSH Corporate is advising on the fundraising and evaluating a possible sale of non-core assets and contract renegotiations, among other cost-cutting measures.