Petros Pappas-led Star Bulk Carriers forged restructuring agreements with 15 lenders that will see it push back $224m in loan payments by two years.
The New York-listed bulker owner will also raise $51.5m in new equity and will enjoyed relaxed financial covenants on its loans until the end of 2019.
“This agreement assists our company to successfully weather current market conditions even if they were to last well into 2019, and positions us to take advantage of a subsequent market upturn,” said Pappas, the Greek company’s chief executive.
“The
