Box Ships has announced it has reached agreements with two banks to delay the repayments of its debts.
The company has entered into an indicative term sheet with ABN AMRO Bank where the repayment instalments under the current $100m loan agreement will be deferred to the maturity of the loan in June 2017. In addition, ABN AMRO Bank has agreed to waive certain covenants under the facility.
Additionally, BoxShips has agreed to terms Credit Suisse for repayment instalments to be deferred up until the maturity of its loan in May 2017 and the covenants under the $31.65m loan agreement shall be waived up until the maturity of the loan.
“We are very pleased to have agreed in principal with our lenders the deferment of the repayment instalments, as these terms illustrate the ongoing support of our lenders and will enable us to operate our vessels at lower fixed cost break-even rates. Provided that definitive agreements are executed and all conditions are fulfilled, the company will not pay any instalments under all of its facilities until the first quarter of 2017,” said Michael Bodouroglou, chairman, president, chief executive officer and interim chief financial officer of the company.