In the New York-listed bulker owner’sfirst-quarter conference call management didn’t identify the sellers by namebut said they were institutions that have liquidated their shipping portfolios.
The company indicated negotiationssurrounding covenant waivers that are due to expire next year are alreadyunderway and played down concerns that paper trading will present a hurdle ifit decides to pursue another restructuring.
“I think we are in a better situation [followingthe sale] because now we have funds that own the debt that are commercial and wecan actually speak to them and see what the next move is,” said CFO John Wobensmith inresponse to a question from Jefferies analyst Douglas Mavrinac.
In anote that followed a conference call that was cut short before at least two participantswere given the...
