“Solid Financial Condition”? – Time Will Tell

Yesterday, TBS International announced that they had reached agreement with its lenders to forego making its principal payments due in the 4th quarter. The lenders have agreed to forebear from exercising their rights and remedies with respect to the defaults, both payment and covenant, under the loan agreements. During this period, the parties hope to restructure the existing facilities and cure the defaults. Interest will continue to be paid currently with default interest accrued and added to the balance due.

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