George Economou has taken over the vast majority of Dryships’ debt following a newly signed agreement with HSH Nordbank.
Dryships said a company controlled by its founder Economou has become the lender of record under a syndicated loan of $85.1m arranged by HSH.
Anthony Kandylidis, executive vice-president of Dryships, said: “With more than 90% of our debt now in the hands of our founder, it is safe to conclude that the company is no longer in any danger from its lenders exercising any of their rights under the company’s existing defaults under their respective loan agreements.”
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