In Hellenic Shipping News 02/12/2016
DryShips Inc., an international owner of drybulk carriers and offshore support vessels, announced that a company controlled by Mr. George Economou, our Chairman and CEO has become the lender of record under its $85.1 million Syndicated Loan previously arranged by HSH Nordbank. Following this transaction, entities affiliated by Mr. George Economou control the vast majority of our debt outstanding with total aggregate principal amount outstanding of $154.5 million. The remaining debt, of $16.5 million is associated with third party commercial lenders with which we have either reached or are in discussions to reach, an amicable settlement.
Mr. Anthony Kandylidis, Executive Vice President and interim CFO commented:
“We are very excited by the commitment shown by Mr. George Economou to assist DryShips in its efforts to reach an agreement with its financing banks. 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. We are already in discussions with Mr. 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.”
The Company is an owner of drybulk carriers and offshore support vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.
The Company’s common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.”
Source: DryShips Inc.
