Monkey Off Their Back

After innumerable waivers, TBS International plc, at long last, announced that it has entered into amendments to its credit facilities with all of its lenders. The amendments restructure the Company’s debt obligations by revising the principal repayment schedules under the Credit Facilities, waiving any existing defaults, revising the financial covenants, including covenants related to the Company’s consolidated leverage ratio, consolidated interest coverage ratio and minimum cash balance, and modifying other terms of the Credit Facilities.

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