Brief: Jinhui Shipping get easier loan terms, waivers to survive

Jinhui Shipping and Transportation

29/12/2016 05:49

Dec 29 (Reuters) - Dry bulk firm Jinhui Shipping and 
Transportation Ltd  JINS.OL : 
    * Jinhui shipping says that an intercreditor deed ( "icd") 
between company, 25  wholly-owned subsidiaries as borrowers of 
relevant vessel mortgage loans  and 4 major lenders was executed 
on 8 dec 2016 and effective date took place on 28 dec 2016 
    * Jinhui shipping: pursuant to terms parties agreed that 
borrowers shall pay 50 pct of each repayment installment during 
forbearance period until 31 dec 2018 
    * Jinhui shipping and transportation ltd says any asset 
coverage ratio covenant and financial covenant as set out in 
relevant loan facilities are waived and suspended, among others, 
during forbearance period 
    * Jinhui shipping shall pay an increased margin of 0.75 pct 
per annum during forbearance period and 0.5 pct per annum after 
forbearance period 
    * Jinhui shipping says  remaining 50% of each such 
installment be deferred and repaid within two business days 
after end of forbearance period in 2019 
    * The rescheduling of indebtedness would allow the Group to 
preserve liquidity and financial resources to weather the 
unprecedented storm in dry bulk shipping market 
    * As announced on 30 November 2016, the Group's unaudited 
vessel mortgage loans as of 30 September 2016 were 
US$264,192,000, whereas the current portion and non-current 
portion of vessel mortgage loans accounted for 41% and 59% 
respectively 
    * With the effect of the new loan agreement, the current 
portion and non-current portion of the Group's vessel mortgage 
loans as of 30 September 2016 would have been changing to 24 pct 
and 76 pct respectively 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nObiVl9x9a 
Further company coverage:  JINS.OL  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))