Jinhui Shipping and Transportation has announced that it, and 25 wholly-owned subsidiaries, has reached agreements with four major lenders to reschedule vessel mortgage loans.
Under the agreement, the parties agreed that the borrowers shall pay 50% of each repayment installment during the forbearance period until December 31, 2018, with early restructuring exit option and the remaining 50% of each such installment be deferred and repaid within two business days after the end of the forbearance period in 2019.
“This would maximize our liquidity position and relax our debt obligations during these extraordinary challenging times,” Jinhui Shipping said in a release.
The group’s unaudited vessel mortgage loans as of September 30, 2016 were $264.2m.
kicking can down the road!