Ultrapetrol has extended its forebearance period with its lenders to hold off any enforcement action related to a missed interest payment until after April 30 while it tries to refinance and restructure its debt.
In December, the NASDAQ-listed shipping company missed a $10m payment due on its 8.875% first preferred ship mortgage notes due 2021.
Bondholders voted in mid-February to extend the forebearance period until after March 31.
“The company expressed its continuing confidence that a consensual financial restructuring can be achieved in order to provide Ultrapetrol with a sustainable capital structure that supports the company’s long-term business plan and results in long-term value generation for the benefit of all stakeholders,” Ultrapetrol said today.
The company has stressed it still has “sufficient liquidity” to keep operating and pay its employees, vendors, suppliers, and trading counterparties.
