DryShips Converts Debt into Shares

Image Courtesy: Nasdaq

Greece-based owner of drybulk carriers and offshore support vessels DryShips has agreed with Sifnos Shareholders to convert USD 8.75 million of outstanding principal amount under the previously announced secured revolving facility deal to 3.5 million preferred shares.

The company said that each preferred share will have 100,000 votes. In addition, Sifnos has agreed to provide a 90 day waiver of any defaults under its revolver.

On September 9, 2016, the company delivered the 2000-built bulk carrier MV Coronado to its new owners. The 75,700 dwt vessel, featuring a length of 225 meters and a width of 32.2 meters, was sold for a gross price of USD 4.25 million.

DryShips said that all of the net proceeds from the sale were used to pay down the relevant loan facility.

“We are pleased to see our founding shareholder actively supporting the company in a way that is not dilutive to the rest of our shareholders. As we continue our discussions with our lenders, we hope that they will now also make the necessary compromises to restructure the company’s debt to more sustainable levels,” Anthony Kandylidis, Executive Vice President and interim CFO of the Company, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >