American Shipping Company is seeking to strike a deal with bondholders to redraw terms on debt issued in 2007, helping to free up cash for investments and refinance a bank loan.
Oslo-listed American Shipping is looking to remove amortisation from the $220m unsecured bond, which carries a coupon of 9.25%.
In a pitch to bondholders, American Shipping said the proposal was fair and would allow it to optimise its capital structure.
