The changes provide, among others, for the release of existing collateral, including the mortgages on the vessels P. Monterey and P. Sophia, resulting in the bond being converted into senior unsecured.
At the same time, the minimum liquidity threshold is increased from 20 million to 30 million dollars.
The CEO of the company, Andreas Michalopoulos, noted that the change reflects the significant improvement in Performance Shipping’s credit profile, following the fleet enhancement, the reduction of the average age to six years, and the increase in contracted revenue to nearly half a billion dollars.
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