Rand Logistics fell into default on its bank loans but said it is seeking waivers to deal with the situation.
The New York-listed owner of Great Lakes bulkers said it failed to meet key requirements of a first-secured loan provided by a syndicate led by Bank of America and a second-secured loan from a Guggenheim Corporate Funding-led group.
According to a filing with the US Securities & Exchange Commission, Rand failed to meet the debt-to-earnings ratio required by both loans.
Bravener
