Ultrapetrol secures extension to forbearance agreementsCompany News // May 4, 2016
Ultrapetrol (Bahamas) Limited has secured an extension to forbearance agreements with its secured lenders. The agreement expired on 30 April 2016 and has been extended to 31 May 2016.
The company is in continuing discussions with all of its secured creditors and expressed its confidence that a consensual financial restructuring can be achieved in order to provide Ultrapetrol with a sustainable capital structure that supports the company's long-term business plan and results in long-term value generation for the benefit of all stakeholders.
During this period, the company believes that it has sufficient liquidity to fully fund all aspects of its operations and to conduct business as usual, including making full and timely payments to employees, vendors, suppliers, and trading counterparties.