“Wishin’ and Hopin’ and Thinkin’ and Prayin’”

Back in March, U.S Shipping Partners (“USSLP”) entered into the fifth extension of the original Fobearance Agreement dated as of December 30, 2008, which extends the period of forbearance until April 30th. By the terms of this agreement, the banks agree not to take any action or exercise any right or remedy under the loan agreements with respect to the partnership’s:

•    Failure to make the December 31, 2008 principal and interest payments due under the senior credit agreements;
•    Failure to be in compliance with certain financial covenants as of September 30 and December 31, 2008;
•    Failure to

This is only an excerpt of “Wishin’ and Hopin’ and Thinkin’ and Prayin’”

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