Pegasus Shipping Mulls Bond Restructuring

Tuesday, November 16, 1999
Panamax tanker specialist Pegasus Shipping is reportedly discussing restructuring its $150 million 1997 junk bond issue with noteholders. Officials said the company is using a 30-day grace period in relation to a coupon payment that was due on Nov. 15. Discussions also included proposals to capitalize on current market sector weakness and the introduction of new capital, officials said. Last week ratings agency Moody's downgraded Pegasus' senior secured debt rating on the company's 11.875 percent first preferred ship mortgage notes due 2004 to Ca from B3 on fears of a payment default. Company officials said that competitive conditions in the Panamax tanker markets exerted pressure on rates, and the company had been hit by the default of a major charterer representing more than 20 percent of its income.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DNV GL Issues Design Guidelines for DP Operations

Advanced dynamic positioning (DP) vessels can now meet critical safety regulations while gaining operational flexibility, efficiency and cost savings through new design and monitoring methods.

USCG Suspends Search for Missing Mariner off Lanai

The Coast Guard suspended the search Monday for a missing mariner after the fishing vessel he was aboard capsized approximately one mile west of Lanai. “Following extensive efforts by sea,

Petrobras Requests to Assist the Federal Prosecutors Office

On April 24, Petrobras submitted a request to assist the Federal Prosecutors Office in seven criminal lawsuits related to Operação Lava Jato (Operation Car Wash),

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.1879 sec (5 req/sec)