MPC Containerships has cleared the path to funding scrubbers on five of its vessels after bondholders voted to revise terms on key notes.
Just over 94% of the holders of MPCC's senior secured $200m bonds, due in 2022, agreed to a one-time waiver of the notes' terms.
This permits MPCC to finance the scrubber retrofits using the sales and insurance proceeds from a boxship that ran aground last year.
The 1,341-teu AS Fortuna (built 2009) grounded in September 2018 off Ningbo, China, and was declared a constructive total loss by insurers.
The payout amounts to $6.5m and MPCC has also banked another $1.8m from selling the ship, as TradeWinds has reported.
This will be put towards a $17m bill for fitting scrubbers on five boxships owned by the Oslo-listed firm's subsidiary, MPC Container Ships Invest.
MPCC is supplying the rest of the money as equity worth $8.7m.
The work will be done by 31 January 2020.
