ISLE OF MAN STEAM PACKET COMPANY ANNOUNCES NEW OWNERSHIP STRUCTURE
8th April, 2011
The Isle of Man Steam Packet Company has announced that following the successful refinancing of the business by a group of banks led by Banco Espirito Santo, a new ownership structure is now in place.
The share capital of the company previously owned by a number of Australian pension funds and Macquarie has been transferred instead to Sealion (Isle of Man) Ltd, a company owned by the Isle of Man Steam Packet Company’s banks. As of 8th April 2011, the previous owners have no ongoing financial interest in the Company.
A new corporate structure will subsequently be put in place that will simplify the current tiered multi-level structure of the organisation.
The refinancing arrangement provides a long-term commitment from the new owners. The Steam Packet Company can now move forward on a stable footing enabling the Island-based management team to focus on delivering frequent, reliable, value-for-money services to both freight customers and passengers.