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 February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Finance

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators 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: 0.1690 sec (6 req/sec)