Russia’s restructuring Fesco Transportation Group has posted a fall in earnings for the first eight months.
Publishing the figures to the end of August in the interests of transparency, it said EBITDA was down to $54.5m, against $79m in the same period of 2015.
Revenue fell to $351.8m from $491.3m, while container volumes dropped to 563,800 teu from 621,400 teu in the Far East
Fesco is trying to restructure its debt, having frozen bond payments earlier this year.
It has been reported that bondholders want the company’s owners to provide a cash injection of $100m.
Bondholders have also suggested the merging of two bond issues, extending maturity to 2021.
The Russian containership owner has also appointed Steven Hellman, a former employee at Credit Suisse, as its chief restructuring officer to lead its efforts to survive.
