Rand Logistics gains breathing room with agreement from creditors

Bulk shipping company Rand Logistics, which runs services in the Great Lakes, has reached agreement with lenders to amend its credit terms and to waive some default punishments that were looming.

New Jersey-based Rand, which has a fleet of three conventional bulk carriers and 10 self-unloaders, had run into difficulty, defaulting on two loans, because of shifts in the value of the Canadian dollar.

It thanked creditor groups – one led by Bank of America, another led by Guggenheim Corporate Funding – for their support and confidence in the negotiations.

And it pledged to continue improving its balance sheet with initiatives on work processes, budget reductions and cost-saving measures.

Rand also filed an overdue quarterly report with Nasdaq to regain compliance from that stock exchange.