Ultrapetrol said investors holding 85% of its bonds have agreed to go without payment through the end of March while it pursues a wider restructuring deal.

The Buenos Aires-based shipowner said it also finalised forbearance agreements with lenders International Finance Corp (IFC) and Opec Fund for International Development (OFID) giving it similar breathing room.

“Having secured additional time to continue ongoing lender discussions, the company is confident in its ability to achieve a consensual financial restructuring that provides Ultrapetrol with a sustainable capital structure that supports the company’s long-term business plan and results in long-term value generation for the benefit of all stakeholders,” the New York-listed company said.

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