George Economou converted some of his outstanding loan to DryShips into preferred shares.
The Athens-based company said it reached a deal to convert $8.75m of the outstanding principal borrowed from the Economou-controlled Sifnos Shareholders to 3.5 million in preferred shares.
Each share will have 100,000 votes. In addition, Sifnos has agreed to provide a 90-day waiver of any defaults under its loan agreement.
DryShips,
