Ultrapetrol (Bahamas) Limited, which owns and operates a range of vessels – including offshore support vessels – has reached agreement with its secured lenders to extend its existing forbearance agreements through 30 April 2016. The secured lenders party to the agreements have agreed, for the duration of the forbearance agreements, not to accelerate their loans, take any enforcement action, or exercise any remedies with respect to defaults resulting from the non-payment by the company of its interest payment under the company’s 8.875% First Preferred Ship Mortgage Notes due 2021. They have also agreed to work with the company in negotiating a sustainable financial structure.
Ultrapetrol expressed continuing confidence that a consensual financial restructuring can be achieved in order to provide the company with a sustainable capital structure that supports its long-term business plan and results in long-term value generation for the benefit of all stakeholders.
“During this period, the company believes that it has sufficient liquidity to fully fund all aspects of its operations and to conduct business as usual, including making full and timely payments to employees, vendors, suppliers, and trading counterparties,” said Ultrapetrol.
Ultrapetrol serves the markets for container vessels, grain and soy bean products, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore supply vessel market. It operates river barges and pushboats, platform supply vessels, tankers and two container feeder vessels.