Great Lakes shipowner Rand Logistics has sealed debt and waiver deals with its lenders after defaulting on two bank loans earlier this month.
The agreements mean it has loosened its senior and total debt financial covenants, it added.
“We are pleased to have the support of our lenders and appreciate their confidence in the company's future,” said CFO Mark Hiltwein.
“Combined with our available liquidity, which is currently over $40m, our amended financial covenants have been reset to reflect the more than 20% decline in the Canadian dollar versus the US dollar over the past two years, when the pre-amendment covenant levels were set.”
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