DryShips said it reached a deal with one of its lenders to settle its outstanding loan obligations, after a nine-month standstill on repaying its debt.
The lender, which was not identified, agreed to write off 50% of the outstanding principal and interest due in the settlement agreement.
The bulker and offshore vessel owner said it repaid approximately $8.2m on the principal and will have to pay any additional amount of $2m over the next nine months as part of the the deal.
DryShips, which last week unveiled a $20m capital raise through a preferred share offering, had some $200m in debt outstanding as of the third quarter. In March, DryShips said it was suspending principal repayments on its outstanding debt as it entered discussions with lenders on restructuring.
The ongoing downturn caused DryShips to further suspend interest payments in May. It was facing quarterly interest expenses of $3m at the time.
Economou himself has lent DryShips some $60m this year in order to keep the company afloat.
