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.
