The New York-quoted bulker and containership owner says the German lender has signed off on a series of loan waivers and relaxations to several financial and security ratio covenants.
Paragon claims the bank also rubber stamped its request to defer a portion of scheduled quarterly installment payments.
In a statement, chief executive Michael Bodouroglou said the company expects to enter agreement with other lenders “in due course”.
As we reported, the shipowner is still in the process of resolving covenant breaches on borrowings with HSH Nordbank and Nordea Bank Finland and will likely need to raise $10m in equity before a broader financial restructuring is finalised.
Paragon made TradeWinds headlines last week when its stock surged 25% after securing amendments on loans with Unicredit, The Bank of Scotland, Bank of Ireland and HSBC Bank.
The shipowner is based in Greece where it oversees a fleet of a dozen bulkers with a combined carrying capacity of roughly 779,270 in addition to a pair of handysize newbuildings that are due for delivery in 2013 and two 4,800-teu containerships that are scheduled to hit the water a year later.
Last week, the company warned investors that it may need to consider alternative financing options when delivery of the boxships draws closer if efforts to hammer out a deal with Nordea fail to bear fruit.
