George Economou’s DryShips has eached an agreement with Sifnos Shareholders, a company controlled by Economou, to convert $8.75m outstanding under a revolving facility agreement to 3.5 million preferred shares.
Economou has also agreed, via Sifnos, to provide a 90 day waiver of any defaults under its revolver. The company said a fairness opinion was obtained for the transaction.
Anthony Kandylidis, executive vice president and interim CFO of DryShips, commented: “We are pleased to see our founding shareholder actively supporting the company in a way that is not dilutive to the rest of our shareholders. As we continue our discussions with our lenders, we hope that they will now also make the necessary compromises to restructure the Company’s debt to more sustainable levels.”
Additionally, DryShips revealed that last week it delivered 2000-built panamax bulker MV Coronado to a new owner for a gross price of $4.25m. Proceeds from the sale were used to pay down debts.
to a new owner for a gross price of $4.25m. Proceeds from the sale were used to pay down debts.
