Pegasus Shipping Mulls Restructuring

Friday, November 19, 1999
Panamax tanker specialist Pegasus Shipping is discussing the restructuring of its $150 million 1997 junk bond issue with noteholders. "Pegasus Shipping...is holding discussions with its noteholders towards implementation of a new business plan aimed at strengthening the company's balance sheet and business," a company spokesman said. The spokesman said the company was using a 30 day grace period in relation to its coupon payment which fell due on November 15. Discussions also included proposals to capitalize on current market sector weakness and the introduction of new capital, he 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. Pegasus officials said extremely competitive conditions in the Panamax tanker markets had exerted significant downward pressure on rates and it had been hit by the default of a major charterer representing more than 20 percent of its income. Moody's said charterer Arne Blystad S/A had been unable to meet time charter obligations and had made a one-off settlement payment in return for Pegasus foregoing a considerable amount of open receivables. Pegasus currently owns and operates a fleet of 14 vessels.

Contracts

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1426 sec (7 req/sec)