New York’s Gener8 Maritime has remained on the right side of a key financial covenant as it nears the final steps of an acquisition by Belgium’s Euronav — but it is clear by the slimmest of margins.
The merger partners reveal in a recent securities filing that Gener8 remains in compliance with a “collateral maintenance covenant” with China Export & Credit Insurance Corp (Sinosure) that requires appraised value of its vessels to be no less than 135% of the amount of outstanding loans under the facility.
