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Pegasus Shipping News

27 Apr 2001

Pegasus Tanker Fleet Is Back In The Game

A crucial Caribbean tanker fleet re-entered the market this week, having been held back for over a month because of a dispute between its owner, Pegasus Shipping, and junk-bond creditors in New York. U.S. brokers said the fleet's return would add surplus tonnage to a market that is already cooling, and would put further downward pressure on freight rates. Fuel oil freight stood at around $1.65 per barrel for 50,000 ton upcoast cargoes on Friday (April 27), compared to about $1.90 per barrel in mid-March, brokers said. Pegasus said the two time-charters and five spot fixtures so far completed were all done at market rate. Chairman Nicos Peraticos has resumed negotiations with bondholders and hopes to complete a buy-back of the $150 million Pegasus debt in June, a spokesman in London said.

19 Nov 1999

Pegasus Shipping Mulls Restructuring

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.

01 Oct 1999

Company Settles California Spill Case For $9 M

Privately-owned company Pearl Shipping has agreed to pay $9.4 million in compensation for an engine fuel spill from one of its tankers off California last year, according to company officials. Compensation would be made to the State of California and the United States for any environmental damage and expenses arising from the 3,000 gallon spill from the tanker Command on Sept. 26,1998, it said. Pending charges against the Pearl Shipping, which owns the 60,070 dwt Command, had been dropped, the company added. The Captain of the vessel had pleaded guilty to negligence regarding the spill. Nicos Peraticos, Greek shipowning chairman of Pearl Shipping parent company Pegasus Shipping, said the companies had not been able to find forensic evidence linking the bunker fuel to the Command.

04 Sep 2001

Pegasus Shipping Completes High Yield Bond Restructuring

Pegasus Shipping (Hellas) Ltd. has completed the restructuring of its $150 million 11.8 percent First Preferred Ship Mortgage Notes with its Bond Holders. Under final terms of the deal, the basis of which was first agreed in the latter part of last year, the company bought back its bonds from Bond Holders at $0.50 for each bond and retains- full equity control of the fleet. The total value of the transaction is $75 million. The completed restructuring represents almost two years of negotiations between the company, its advisors American Marine Advisors and Chanin Capital Partners and the company's two major Bond Holders Lehman Brothers and MacKay Shields.

27 Oct 1999

S&P Lowers Pegasus Rating

Standard & Poor's lowered its corporate credit rating on Pegasus Shipping (Hellas) Ltd. (Pegasus) to triple-'C'-minus from single-'B'-minus. At the same time, Standard & Poor's lowered its foreign currency senior secured debt rating to triple-'C'-minus from single-'B'-minus. All ratings are placed on CreditWatch with negative implications. The rating actions reflect Pegasus' rapidly diminishing financial flexibility owing to weak market conditions. Pegasus owns one of the world's largest independent Panamax tanker fleets. The Panamax tanker sector is currently experiencing weak market conditions, and the market is expected to remain weak in the short term.

12 Nov 1999

Moody's Downgrades Pegasus Shipping

Moody's Investors Service downgraded from B3 to Ca the rating for the senior secured debt of Pegasus Shipping (Hellas) Ltd. The downgrades reflect Moody's expectation that the pressure on freight rates will continue to build beyond the normal level of seasonality. The negative effect on the operating performance is further heightened by the default of the company's major customer which accounted for 20 percent of its revenues. The customer, Arne Blystad S/A, was unable to meet timecharter obligations. A settlement was reached in that in return for a one-time payment, Pegasus forgave a considerable amount of open receivables. The downgrade also considers the relatively old age of the fleet and the resulting weak debt protection…

29 Oct 1999

S&P Lowers Pegasus Rating

Standard & Poor's lowered its corporate credit rating on Pegasus Shipping (Hellas) Ltd. (Pegasus) to triple-'C'-minus from single-'B'-minus. At the same time, Standard & Poor's lowered its foreign currency senior secured debt rating to triple-'C'-minus from single-'B'-minus. All ratings are placed on CreditWatch with negative implications. The rating actions reflect Pegasus' rapidly diminishing financial flexibility owing to weak market conditions. Pegasus owns one of the world's largest independent Panamax tanker fleets. The Panamax tanker sector is currently experiencing weak market conditions, and the market is expected to remain weak in the short term.

16 Nov 1999

Pegasus Shipping Mulls Bond Restructuring

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…