BOX SHIPS INC. Box Ships Inc. announced that it has entered into an agreement with the last remaining lender in the company's successful efforts to amend the terms of its loan agreements. The company agreed with the lender to waive certain covenants and amend the repayment profile of the loan through its maturity. In return for paying the next four installments up front, the bank has agreed to defer the following four installments so that no additional principal payments will be made until 2017.
In addition, the bank has agreed to waive or remove certain financial covenants for as long as the company have similar agreements in place with other lenders. With this agreement in place, the company has now completed the exercise of amending its loans, and has significantly improved its liquidity position during this prolonged downturn.
