Navios Maritime Holdings has closed on a $550m refinancing that has allowed the bulker owner to pay off $614.3m in bonds that had been set to mature this month.
As the company announced on 14 December, the refinancing was possible because of nearly $263m in payment-in-kind loans from an outfit affiliated with Angeliki Frangou, who is Navios Holdings' chief executive, chairman and largest shareholder.
