George Economou’s DryShips upsized the fundraiser last week but word that it had run into difficulties was being whispered in finance circles on Friday.
Economou said in a statement confirming the withdrawal of the offering that continuing with the sale was not in the best interests of the company.
“We continue to work on our plan to re-finance the $700m, 5% convertible notes that are maturing on 1 December, and we have earlier today signed the firm commitment letter from ABN for the Bridge Facility of up to $350m, which now only remains subject to final documentation," he said.
“This,
