George Economou controlled DryShips has suspended debt repayments. The company, which yesterday reported a net loss of $2.84bn for 2015, said it was in discussions with its lenders for the restructuring of its debt facilities.
“Three of these bank facilities have matured and the company has not made the final balloon installment. For the remaining bank facilities, the company has elected to suspend principal repayments to preserve cash liquidity,” DryShips said in a release.
Adding a further $2.8m hole to its earnings, the company also revealed that Petrobras had terminated the charter of a second of its six offshore vessels effective today.