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Grace period ends for Ultrapetrol bonds
Shipowner in talks with bondholders for standstill agreement; lenders ink forbearance.
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Found an interesting story?
Grace period ends for Ultrapetrol bonds
Shipowner in talks with bondholders for standstill agreement; lenders ink forbearance.
Ultrapetrol is working to keep lenders from pouncing after the lapse of a grace period that kept it out of default on bonds and bank debt.
The steps taken by the New York-listed shipowner aim to tackle both the bond payments and the company’s loans from International Finance Corp (IFC) and Opec Fund for International Development (OFID), whose debt deals require Ultrapetrol to remain in compliance with its bonds.
The company, which owns a diversified fleet focused on South American markets and
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