Dry CargoEuropeFinance and Insurance

Economou takes over DryShips’ debt

George Economou has decided to take on more than 90% of DryShips’s debt. The founder of the New York-listed firm moved to take an $85.1m syndicated loan previously controlled by Germany’s HSH Nordbank, taking Economou’s debt commitments in the dry bulk and offshore support company to a total of $154.5m.

Anthony Kandylidis, executive vice president and interim CFO at DryShips, commented: “We are very excited by the commitment shown by Mr George Economou to assist DryShips in its efforts to reach an agreement with its financing banks. With more than 90% of our debt now in the hands of our founder, it is safe to conclude that the Company is no longer in any danger from its lenders exercising any of their rights under the company’s existing defaults under their respective loan agreements. We are already in discussions with Mr Economou to amend the company’s debt and regain compliance. In that respect, we hope to be in a position to announce further positive developments in the near future.”

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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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