Mediterranean Maritime Hub (MMH) has finally published its delayed financial statements, ending months of uncertainty surrounding its ability to repay a €15 million bond due in October 2026.

The accounts come after repeated delays, failed refinancing talks and growing concern among bondholders that Malta could face its first major corporate bond default.

The financial analysis states that a binding agreement has been signed with a group of third-party investors who intend to acquire a minority stake in the guarantor company.

The proposed transaction includes a capital increase and fresh funding – with the report stating that the deal is expected to prioritise full repayment of the bond at maturity in October 2026.

However, repayment remains dependent on the transaction closing, which is targeted for April 2026 and still subject to regulatory approvals.

While MMH Finance plc – the bond issuer – shows relatively stable finance income, the wider group continues to operate under heavy leverage, with liabilities around €39 million in 2024 and profitability remaining thin.

The group says it has invested more than €40 million into the former Marsa Shipbuilding site, but the project is still evolving and not fully utilised for revenue generation.

MMH first admitted in 2024 that it needed alternative financing to redeem the bond. Talks with investors and government attempts to negotiate a concession exit failed, raising fears that bondholders could be left exposed.