Eitzen Chemical - Proposed loan amendments approved by bondholders

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Sep 2009

Reference is made to the summons to bondholders’ meeting dated 21 September 2009 which included a proposal for amendments to the loan agreement for the FRN Eitzen Chemical ASA Callable Bond Issue 2006 / 2011. The bondholders’ meeting has today resolved to approve the proposed amendments in accordance with the proposal included in the summons, and an additional proposal made public through a press release dated 27 September 2009. The resolution is conditional upon successful completion of an equity issue in Eitzen Chemical and that certain other loan agreements are amended as further described in the summons dated 21 September 2009.
Eitzen Chemical is an industrial carrier of petrochemical and related cargos with a total fleet of 84 vessels. 63 vessels are owned and leased, and a further 21 vessels are operated for partners.

Source: Eitzen Chemical