Eitzen Chemical lands crucial capital agreement

After approximately one year of intense efforts Eitzen Chemical has now managed to find a solution to the carrier's long-term debt with the company's lenders. Meanwhile, the carrier will later change its name to Team Tankers International.

Photo: Pressebillede

Product tanker carrier Eitzen Chemical has finally achieved the long-term debt restructuring agreement that CEO Jens Grønning has been working on since he was appointed CEO last year, says the carrier in a statement to the Oslo Stock Exchange.

The agreement (plan support agreement, PSA) has been reached with a majority of the carrier's banks, bond owners and the primary shareholders. The company will convert USD 850 million in bank and bond debt on its balance and repay around USD 46 million, according to the statement. Following this transaction, the owners of the converted debt will own 98 percent of the company.

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