Norwegian dry bulk operator Western Bulk has initiated a plan to secure the carrier's financial resources, according the the third quarter report published on Friday. The weak bulk market means Western Bulk risked breaking its loan agreements by the end of the year, which is why the carrier has now secured a pre-approved agreement with banks and shipowners for new lending terms, says Western Bulk's CEO Jens Ismar in a statement.
"We are very pleased with the support from our lenders and the main shareholder demonstrated by the changes and commitments outlined above. The amendments to the Company's financial covenants and the partially guaranteed equity increase from Kistefos are two important elements of a recapitalization plan for Western Bulk," said Ismar.
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