Postponing the Inevitable

Or so it appears to us in the case of U.S. Shipping Partners. We reported back in December, that the company and its bankers entered into a waiver and forbearance agreement based upon its failure to pay the December installment of principal and interest due under its senior credit facility. Provided there was no other default, the forbearance agreement and waivers were scheduled to terminate on February 10th. Last week, the company announced that the lenders had agreed to extend the waivers and the forbearance agreement through February 20th. At this juncture, the sale outcome seems less likely but one can hope

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