Goldenport Proposes Sale of Its Entire Fleet to Cover Debts

London-listed Goldenport Holdings has proposed the sale of its entire fleet to the Dragnis family as it endeavors to negotiate a deal with lenders that would allow it to restructure its loans.

Specifically, the company suspended the servicing of its debt on 22 January 2016 and has been in ongoing negotiations with its lenders to amend the terms of its loans ever since.

Under the proposed deal, to be decided upon at the company’s extraordinary general meeting on March 31st, Dragnis would take over the company’s entire fleet of eight vessels, six bulk carriers: the Eleni D, the Milos, the Sifnos, the Pisti, the Sofia and the D Skalkeas, and two container carriers the Erato and the Paris Jr and associated loan and other documents.

Goldenport Holding has around USD 111.3 million worth of outstanding debt from its three loans facilities signed with Commerbank, RBS and UniCredit.

The decision builds upon the recent drop in the values of dry bulk carriers and containerships and the fact that the charter market for both segments remains weak.

The company said that the Sifnos and the Sofia have been without employment since 12 and 25 January 2016, respectively.

“The proposed transaction would not only eliminate the risk of securing employment for the vessels, but also reduce cash outflows associated with operating expenses related to the vessels while they remain idle. In the event that all three lenders grant a formal consent to novation of their respective facilities and all the vessels are sold, the directors will seek shareholder approval for the dissolution of the company,” Robert Crawley Non-Executive Chairman said.

World Maritime News Staff

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