Ultrapetrol has expressed confidence in completing a restructuring as its lenders provided some breathing space today.
The shipowner says it has reached a forbearance agreement with its secured lenders stretching until 30 April.
Ultrapetrol explains the banks have agreed not to accelerate loans or default on facilities that might result from missed interest payments on ship mortgage notes.
They have also pledged to work with the company in negotiating "a sustainable financial structure”, investors were told.
Ultrapetrol says it remains confident a “consensual financial restructuring” can be reached to provide the company with a sustainable capital structure.
Sufficient liquidity is in place to support operations and pay employees and suppliers, the owner adds.
In November financial advisors were hired and a month later the owner warned it would miss debt payments and began restructuring talks.
In mid February Ultrapetrol received overwhelming bondholder support for a forbearance deal that push backed payments until the end of the first quarter.
