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July 22, 2014
16:11 EDTTEUBox Ships announces full repayment of loan with Commerzbank
Box Ships announced the full repayment of the outstanding amount under its loan agreement with Commerzbank AG, dated July 29, 2011. The outstanding amount of the loan, as of July 21 amounted to $21.5M and the parties agreed to the payment of $15.0M plus accrued interest, in full and final settlement of the loan. The gain from this transaction is expected to be approximately $6.4M and will be reflected in the Q3.
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December 17, 2014
09:30 EDTTEUBox Ships finalizes agreements with lenders
Box Ships has entered into an agreement with the last remaining lender in the company's amendment of its loan agreement terms. The company agreed with the lender to waive certain covenants and amend the repayment profile of the loan through its maturity. In return for paying the next four installments up front, the bank has agreed to defer the following four installments so that no additional principal payments will be made until 2017. In addition, the bank has agreed to waive or remove certain financial covenants for as long as it has similar agreements in place with the other lenders. With this agreement in place, the company has now completed the exercise of amending its loans.

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