The Nasdaq-listed shipowner said that Economou had become the lender of record for its $85.1m syndicated loan facility previously arranged by HSH Nordbank. Following the transaction Economou controls the “vast amount” of Dryships debt with a principal outstanding amount of $154.5m.
“With more than 90% of our debt now in the hands of our founder, it is safe to conclude that the company is no longer in any danger from its lenders exercising any of their rights under the company’s existing defaults under their respective loan agreements,” said Anthony Kandylidis, executive vice president and interim cfo of Dryships.
“We are already in discussions with Economou to amend the company’s debt and regain compliance. In that respect, we hope to be in a position to announce further positive developments in the near future.”
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