Cash-strapped Ultrapetrol received overwhelming bondholder support for a forbearance deal that will push back payments until the end of the first quarter while it continues to pursue a restructuring plan.

Holders of $223m worth of bonds, or nearly 99.3%, gave consent to the New York-listed shipowners plan.

Ultrapetrol, a Buenos Aires-based owner of a diversified fleet, launched the forbearance request after failing to make a 15 December interest payment on the notes, which are backed by a first preferred ship mortgage and due in 2012.

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