Dry bulk shipowner DryShips has reached an agreement with one of its lenders to settle its outstanding loan obligations. Under the agreement, the lending bank has agreed to a write-off of approximately 50% of the outstanding principal and interest due.
The company has repaid approximately $8.2m of principal and will have to pay an additional amount of $2m over the next 9 months against a full and final settlement of all of its obligations under the credit documents.
In the meantime, DryShips said that it has closed the previously announced registered direct offering of a series of new shares. The total gross proceeds from the offering were about $20m and the company may further receive up to $80m if all the warrants are exercised.
