Changes to Global Ship Lease's $20m debt buyback have been greenlighted with respect to shareholder dividends and future company control.
The New York-listed boxship player received majority bondholder consent for total debt of $340m to pay annual shareholder dividends equal to half of next year's net profit.
The original indenture, offered in November to pay back 9.875% secured notes due 2022 since October 2017, had set future dividends based on financial performance starting in 2020.
