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ivfk

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ivfk

Re: Toxic Avenger post# 19857

Monday, 11/07/2016 4:06:30 PM

Monday, November 07, 2016 4:06:30 PM

Post# of 29042
The six ships that were sold in March of 2016 were worth much less than the outstanding loans. My recollection is that the bank agreed to take market value for the ships and settle the loan.

Here is another example of a bank waiving a loan with Paragon Shipping as per their press release from June 16, 2016:

".... the Company was discharged from all of its obligations under the loan agreement, including a waiver of the outstanding debt amount of $8,317,750, in exchange for the payment of interest in the amount of $50,000...."

https://finance.yahoo.com/news/paragon-shipping-announces-waiver-debt-104800265.html

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