Navios Maritime Holdings has returned to its tanker spinoff for a loan, but this time it’s 40% bigger.
The Angeliki Frangou-led bulker owner, which is the parent of a stable group of three other New York-listed companies, said today that it will receive a $70m loan facility from Navios Maritime Acquisition.
Analysts described the transaction as better for Navios Acquisition than the controversial loan agreed in March but said that it could allow company management to hold onto control of two other spinoffs if the parent company files for bankruptcy in the future.
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