Eletson Corp's bond price has slumped to a trading value around 52 cents on the dollar following a report that the Greek shipowner failed to make a 15 January coupon payment due on $300m worth of debt.
Debtwire, citing two sources, reported on 17 January that Eletson failed to pay interest on its 9.625% senior secured notes due 2022. The financial journal reported that the company, which TradeWinds' has been unable to reach, is under a grace period with bondholders.
