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News Breaks | | | | November 19, 2012 | | 18:29 EDT |  | NMM | Navios Maritime Partners to get $24.6M cash in credit default restructuring
Navios Maritime Partners L.P. and its subsidiaries announced that it agreed to restructure its credit default insurance. Angeliki Frangou, Chairman and CEO of Navios Partners, stated, "Navios Partners entered into a restructuring agreement with its credit default insurer. We view this as a positive development and believe that Navios Partners will be stronger after the restructuring. Navios Partners will receive (1) $24.6M lump sum cash payment, (2) pool insurance covering $175.9M of charter revenue, providing a maximum payout of $120M and (3) supplemental credit default insurance from Navios Maritime Holdings Inc. on $76.7M revenue of charter revenue, providing a maximum payout of $20M." | |
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