Nasdaq-listed NewLead has now set its sights firmly onexpanding its fleet and interest in the commodity business.

In a statement the owner says the restructuring has cut itsdebt by $578.3m in a process which will see Piraeus Bank, Lemissoler Maritimeand Michael Zolotas’ FocusMaritime take on shares in the company.

The scheme leaves NewLead with debt of $108m of whichalmost half is accounted for by convertible notes due in 2022.