DryShips settles loan

DryShips settles loan

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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