Diana Shipping in negotiations with lenders

Diana Shipping in negotiations with lenders

Diana Shipping is in trouble and has engaged financial advisors and has entered into negotiations with certain of its lenders to amend its outstanding loan facilities.

The company has reached an agreement in principle with certain lenders, including its largest lender, for terms that include, among other provisions, the deferral of amortization payments and amending financial covenants.

This agreement in principle is subject to the company reaching similar deferral and covenant terms with its other lenders.  In support of its negotiations with lenders, the company is currently deferring certain amortization payments under its credit facilities.

Diana added in a release that while the company is in ongoing negotiations with its lenders, it has not obtained formal waivers from any lender regarding payment deferrals or amendments to financial covenants.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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