Norwegian ropax player Color Group will hold on to NOK 200m ($21.4m) of cash through a new debt freeze.
The liquidity will be retained by implementing a six-month standstill deal on instalment payments with banks.
There is also an option to extend this for another six months.
In addition, the company has reached an agreement on certain changes with regards to the covenant structure through to 30 June, 2021, it said.
The shipowner's business has been hit by coronavirus restrictions on travel this year.
The company called the effects "far-reaching and negative."
Temporary lay-offs near 2,200
Color Group has put in place extensive cost reduction measures on board its ships and on shore, including temporarily laying off just under 2,200 employees, as well as cutting salaries.
"Since governments closed the borders in the middle of March, total income is down approximately 90%," the outfit said.
Operations have continued in parts of the cargo business, with one vessel running between Norway and Germany, and another two between Norway and Denmark.
The company qualifies for financial support from the Norwegian government, it said, and it is following a strategy of "responsible and gradual resumption of operations on all its passenger traffic routes."
Color Line's current plan is to restart passenger traffic this month.
In April, it banked an extra $44m from the Oslo bond market. It tapped into an existing NOK 700m issue, bringing it up to NOK 1bn.
Color Group made a net profit of NOK 220m in 2019, down from NOK 439m in 2018.
The company had liquidity reserves of NOK 399m at the end of year, against NOK 938m in 2018.
