New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 2, 2014
10:17 EDTFREEFreeSeas anounces settlement of $37.6M of debt with $15M debt forgiveness
FreeSeas announced that on May 30, it paid $22.6M in full settlement of $37.6M of debt owed to Credit Suisse using funds from the $25M proceeds of the company's sale of the Series D Convertible Preferred Stock and Series C Warrants concluded on May 28. Upon receipt of this payment, Credit Suisse canceled the remaining debt of $15M owed by FreeSeas and its subsidiaries and the bank executed and accordingly delivered the Waiver of Debt and Deed of Release and Reassignment, which included the release of all first preferred mortgages, general assignments of collateral and charter assignments relating to the Company's vessels M/V Free Jupiter, M/V Free Hero and M/V Free Goddess together with each vessel's release and reassignment of insurance, as well as the release of all first priority account pledges and corporate guarantee agreements previously executed by our subsidiaries owning these vessels. The company is expected to recognize a non-cash gain on debt extinguishment of approximately $15M as a result of the foregoing debt cancellation, which reduces our outstanding bank debt from $59.7M-$23.2M.
News For FREE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for FREE

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use