TBS buys time to restructure finances

TBS buys time to restructure finances    TBS International, which operates a fleet of multipurpose tweendeckers, handysize and handymax bulk carriers, and specialized heavy-lift vessels said Tuesday that lenders have agreed to give it time to amend financing agreements.
   “Various lender groups have agreed to extend the current forbearance period until Jan. 31. During such period, the lender groups will continue to forbear from exercising their rights and remedies which arise from the company’s failure to make principal payments when due,” TBS said.
   TBS said it “will not make principal payments due on its financing facilities during the extended forbearance period, but it will continue to pay interest on those facilities at the default interest rate.” It added, “the company and its lenders continue to negotiate amendments to its various financing facilities that will change the current payment schedules and cure any existing defaults, and TBS believes that appropriate amendments to its various financing facilities will be executed prior to the expiration of the deferral.”
   TBS said at the end of September its fleet comprised 49 vessels, with an aggregate of 1.48 million deadweight tons, including 27 multipurpose tweendeckers and a combination of 22 handysize-handymax bulk carriers.