Brief: Paragon Shipping reports new developments on debt agreements

Paragon Shipping

09/03/2016 21:41

March 9 (Reuters) - Paragon Shipping Inc  PRGN.O : 
 * Announces recent developments on its debt agreements and newbuilding 
   contracts 
 * To sell m/v coral seas, m/v Golden seas, m/v prosperous seas, m/v precious 
   seas, the m/v priceless seas and m/v proud seas 
 * To sell the mortgaged vessels in exchange for full and final settlement of 
   outstanding amount of respective facility 
 * In discussions with yangzijiang, to extend deliveries of its three kamsarmax 
   newbuilding drybulk carriers 
 * Did not take delivery of the ultramax newbuilding drybulk carrier with Hull 
   no. dy4050 
 * Sent to dayang a notice for the cancellation of the ultramax newbuilding 
   drybulk carrier with Hull no. dy4052 
 * Dayang rejected such cancellation notice and the case is currently under 
   arbitration proceedings in London 
 * Did not proceed with interest payment of $0.5 million, originally due on 
   February 16, 2016, due to lack of liquidity 
 * Is under the 30-day grace period to make payment that will expire on March 
   17, 2016 
 * Still lacking the liquidity to make the $0.5 million interest payment upon 
   the expiration of the said grace period 
 * Company is currently evaluating a number of strategic alternatives 
 
* Source text for Eikon  urn:newsml:reuters.com:*:nPn8RDf0X 
 
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