AmericasFinance and InsuranceTankers

Ultrapetrol negotiating with lenders for extra breathing space

Ultrapetrol is pushing to extend its forebearance period with its lenders again to hold off any enforcement action related to a missed interest payment until May 31 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.

The company said today it is in “on-going negotiations” with its secured lenders to extend its existing forbearance agreements, which expired on April 30 through to May 31.

Ultrapetrol expressed its confidence that a consensual financial restructuring can be achieved.

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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