The analysts at Fearnley Securities believe that Overseas Shipping Group (OSG) has breached the conditions of a loan agreement of $550 million dollars with Danish Shipfinance and China Export-Import Bank.
“We estimate that the China Export-Import and Danish Shipfinance facility, amounting to about $550 million in total, is in breach with debt-to-value covenants and could require an additional $100-150 million in new capital or security at the start of 2013,” writes Fearnley Securities in a new analysis.
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