This is pretty much the same deal that EGLE just got, with deferred debt payments, raising the interest rate, and a cash sweep of all profits
There is however, a requirement to raise $30 million in equity by the end of the year. That could come from a sale of common shares, or possibly preferred.
And an odd development. They are required to make management contracts with 10, third party ships. They have started with a ship owned by one of their directors, Pappas, who owns Oceanbulk.
They need to think about some scrapping soon. The 1991 Cape and the 1994 Cape probably ought to go to the breakers when their respective charters end. EXM finally is scrapping their 28!!! year old Handymax Tradewinds reports.