DryShips is selling its Ocean Rig shares at the same time as George Economou has stepped up to buy three bulkers from the company.
Nasdaq-listed DryShips has secured $49.9m for its stock in the drilling company with the proceeds used to pay down debt on a loan previously provided by Economou.
As part of the agreement new loan covenants have been introduced and any default on the debt will be waived should other lenders also be willing to do so.
Ziad
