articles | 15 March 2016

DVB Bank acquires 49% of Celestyal Cruises Ltd

DVB Bank has acquired just under half of Celestyal Cruises Ltd’s share capital following a loan restructuring agreement between the Bank and Louis Plc on 11 March 2016.

In an announcement on the Cyprus Stock Exchange (CSE) on Tuesday, Louis plc, a Cyprus-based company engaged in the field of cruising and hotels, wrapped up the restructuring of the borrowings by its subsidiary, Celestyal Cruises Ltd (former Louis Cruises Ltd), with DVB Bank and the Bank of Cyprus.

“In addition to the restructuring plan with DVB Bank, Celestyal Cruises has also completed the restructuring of its borrowings with the Bank of Cyprus regarding additional loan obligations of approximately €19 million,” Louis Plc said in a statement.

In the context of the restructuring of its borrowings with DVB Bank, the Bank acquired 49% of the share capital of Celestyal Cruises Ltd, through the conversion of loans of approximately €33.9 million to share capital.

DVB Bank specialises in international transport finance.

Source: InCyprus

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