AmericasDry CargoOperations

Great Lakes operator in default on two loans

Great Lakes bulk freight shipping company Rand Logistics revealed on Tuesday it is in default on two loans.

The disclosure came as Rand made a filing with the US Securities and Exchange Commission (SEC) saying it was unable to finalize its accounts for the fiscal quarter that ended on June 30.

Jersey City, New Jersey-based Rand is pursuing waivers and amendments to the two loan arrangements, which are with a group led by Bank of America and a group led by Guggenheim Corporate Funding.

Rand Logistics operates a fleet of three conventional bulk carriers and 10 self-unloading bulk carriers, running services in and between Canadian and US ports on the Great Lakes.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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