Moody's Downgrades Enterprises Shipholding

Thursday, May 03, 2001
Moody's Investors Service downgraded to C from Caa1 the rating for senior notes of Enterprises Shipholding Corporation. The downgrade reflects the company's announcement to consider a restructuring of debt and the intention not to pay interest on the senior notes which is due in May 2001. The senior implied rating has also been downgraded to C from Caa1, the issuer rating has been lowered to C from Caa2. The company's failure to meet interest payment in Moody's view constitutes a default on the company's debt. The company appointed a financial advisor to assess the restructuring alternatives for Enterprises. The C rating for the senior notes reflects Moody's view that a potential restructuring of the outstanding debt will likely involve significant losses for noteholders due to the illiquid asset structure, high debt levels and the secured nature of a $38 million credit facility. Enterprises said that it will continue to meet obligations under the credit facility. Moody's will monitor the company's discussions with noteholders with respect to the level of debt recovery to be expected and closely watch potential debt restructuring negotiations. Enterprises Shipholding Corporation, headquartered in Athens, Greece, is one of the leading independent owners and operators of refrigerated cargo vessels. The company has a long-standing presence in the industry and a diversified customer base.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2431 sec (4 req/sec)