DryShips to Renegotiate Loans amid USD 2.8 Bn Loss

first_imgzoom Greece-based owner of drybulk carriers and offshore support vessels DryShips Inc. reported a full-year net loss of USD 2.8 billion for 2015, plunging from previously reported USD 48.2 million loss.For the fourth quarter the company posted USD 527.6 million loss, also considerably larger from USD 24.1 million recorded in the corresponding period from 2014.The loss includes vessel impairment charges and non-cash losses of USD 119.1 million and non-cash write down of the company’s investment in Ocean Rig of USD 310.5 million.DryShips said that given the prolonged market downturn in the drybulk segment and the continued depressed outlook on freight rates, it is discussing restructuring of its debt facilities with lenders.Specifically, three of these bank facilities have matured and the company has not made the final balloon installment. For the remaining bank facilities, DryShips decided to suspend principal repayments to preserve cash liquidity.As of 31 December, DryShips accrued USD 236.9 million in total debt.This year doesn’t seem to bring many signs of hope, as the year-start saw Dry Ships’ contract for the oil spill recovery vessel Vega Juniz ended. Namely, the company received a notice of termination from Petroleo Brasileiro S.A. (Petrobras) effective March 9, 2016.“The contract of the Vega Juniz was expiring on April 25, 2017 and this termination represents a loss in contracted EBITDA of approximately USD 2.8 million for the balance of 2016,” the company said.This is the second termination from Petrobras, which in February ended the contract for the platform supply vessel Vega Crusader effective as of March 6, 2016. The contract of the Vega Crusader was expiring on January 8, 2017, incurring a loss in contracted EBITDA of approximately USD 2.2 million for the balance of 2016.DryShips is due to carry out reverse stock split and its common stock will begin trading on a split adjusted basis on the Nasdaq Capital Market on March 11, 2016.last_img read more

Man stabbed to death while resisting robbery bid 3 held

first_imgNew Delhi: In a suspected case of honey trapping, a man was murdered in West Delhi’s Rajouri Garden area.Police claimed that they have arrested three persons including a woman in the case. Police claimed that the woman accused first took lift in the deceased’s car and then took him to an isolated place for extortion. The accused woman with her associates tried to rob him but when the deceased objected, he was stabbed and later died. According to police in the wee hours of July 14, patrolling staff noticed a Honda Amaze car in suspicious condition on Raghubir Nagar Ganda Nala Road 3-4 boys and one girl were sitting in the car. Also Read – Bangla Sahib Gurudwara bans use of all types of plastic itemsThe alert staff immediately moved towards the car to check it and on seeing the police coming towards them, the driver started the car and fled towards Raghubir Nagar. Police further added that head constable Manjeet Singh and staff chased the car and after 1-1.5 km distance, they succeeded to stop the car and overpowered two persons Himanshu (22) and Deepak (24). Upon questioning about the fleeing, they did not give satisfactory reply as such, they were brought to the police station for further interrogation. Initially, they mislead the police but on sustained interrogation, they broke down. Also Read – After eight years, businessman arrested for kidnap & murderFurther on interrogation, they disclosed that on Sunday, a person, who was in a Honda Amaze car, was taken to Shivaji Enclave near gas godown by their female associate. They had robbed his Apple iPhone and bag near Gas Godown Shivaji Enclave and when the person resisted, they stabbed him and fled away. Later they lead the police party to the place of occurrence and a car was found parked near gas godown and a person was lying unconscious on both front seats in state of blood of pool with stab injuries on his right thigh in half-naked condition who has been identified as Bhupender Birdi (39), a resident of Paschim Vihar On inquiry from the family of the victim, it revealed that yesterday he left for an interview in MNC in Gurugram in the morning. He was shifted to DDU and declared brought dead. Deputy Commissioner of Police (West) Monika Bharadwaj said two accused and their female associate has been arrested and robbed Apple iPhone has been recovered from their possession.last_img read more