Auditors have found that Germany's Hapag-Lloyd has fulfilled the criteria set to qualify for Euro1.2 billion (Euro1 = RM5.10) in state loan guarantees, a person familiar with the proceedings said.
The shipping line, owned by TUI AG and Albert Ballin, has suffered from the drop in world trade and a German committee is due to decide on its application for state aid on September 18.
A person close to the situation said late on Thursday an assessment from auditors at PriceWaterhouseCoopers had concluded Hapag-Lloyd looked to be on track in fulfilling conditions to obtain the aid.
The company's owners have agreed to give the company a Euro923 million cash injection to boost its chances to clinch the aid package, several sources close to the owners said last week.
Source: Business Times
The shipping line, owned by TUI AG and Albert Ballin, has suffered from the drop in world trade and a German committee is due to decide on its application for state aid on September 18.
A person close to the situation said late on Thursday an assessment from auditors at PriceWaterhouseCoopers had concluded Hapag-Lloyd looked to be on track in fulfilling conditions to obtain the aid.
The company's owners have agreed to give the company a Euro923 million cash injection to boost its chances to clinch the aid package, several sources close to the owners said last week.
Source: Business Times
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