Danaos Corp has registered a block of common shares that it sold last year for resale to help refinance $551m in restructuring debt.
The New York-listed company ledgered 99.3 million units with the SEC as part of an agreement with several banks that bought the shares.
Proceeds from any sold shares will go directly to the selling stockholders.
Danaos, which has 213 million shares outstanding, was able to extend the debt maturity by five years through 2023 and, in some cases, to mid-2024.
Danaos closed $2.2bn in debt refinancing in mid-August, three weeks after proposing a reverse stock split clause to its charter.
A month ago, the company fell deeper into the red, posting a $181m loss on a $210m impairment charge on 10 ships.
