MMH Finance, the finance vehicle of Mediterranean Maritime Hub (MMH Holdings Ltd), has announced that it will be delaying the publication of its annual financial report, which should have been due by 30th April 2025.

The company said the statutory audits of MMH Finance plc and MMH Holdings Ltd have not been concluded, pending the conclusion of refinancing negotiations with a key financial institution in Malta and also with prospective investors.

“The company and the auditors believe that once the process of refinancing is finalised, a more realistic position and a better representation of future plans can be made available to stakeholders and to the users of the company’s financial statements,” read the announcement.

It said that it expects to be in a position to publish the report by the end of June.

The delay in publication of the report is expected to result in the suspension of trading in the company’s listed bonds by the Malta Stock Exchange as from 2nd May.

In September 2024, MMH announced that it will require “alternative financing” to redeem a €15 million bond due in 2026.

The announcement followed the breakdown of talks with Virtu Holdings Ltd and LTV Developments Ltd, which were set to take over a 70 per cent stake in the maritime, oil and gas servicing company.

Following that announcement, MMH stated that it was in talks with INDIS Malta, the state agency responsible for industrial parks and the grantor of its concession of operate the site, in a bid to “evaluate the current and future capital investment to maximise the use, output, and flexibility of the MMH.”

However, in March 2025, the company announced that those talks had also broken down, leaving its future as a going concern an open question and raising the possibility of a major default in Malta’s corporate bond market.