TBS says banks grant forbearance

PO Management

Thursday, September 08, 2011

Breakbulk and bulk ship operator TBS International said Wednesday its lenders have agreed to let it not make principal payments due on loans from Sept. 30 to Dec. 15. "During this forbearance period, the company and its various lender groups will negotiate amendments to restructure the company's various financing facilities and cure any existing defaults," TBS said, adding it "intends to pay only the stated interest on its financing facilities during the forbearance period and wil...

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