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Eitzen secures temporary waiver

Eitzen secures temporary waiver
Oslo-listed Eitzen Maritime Services has said it has received a temporary waiver of financial covenants related to its NKr400m ($67m) bond loans.

Eitzen Maritime secures temporary waiver

Oslo-listed Eitzen Maritime Services has said it has received a temporary waiver of financial covenants related to its NKr400m ($67m) bond loans.

The shipmanagement and supply company issued the bonds in September to help refinance $90m debts.

However, it has subsequently reported a fourth-quarter net loss of $18.3m. Full-year profits plummeted to a loss of $19.3m.

Eitzen Maritime said that its ship supply business had been badly affected by the downturn, seeing a 30% drop in business.

The company, a division of the Camillo Eitzen group, said it was also in talks with its other creditors about how to resolve a potential default situation.

www.turkishmaritime.com.tr

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