TOP Ships negotiating amendment or waivers of breached loan covenants

By Sara Rosenberg

New York, March 18 - TOP Ships Inc. is in talks with its banks to amend covenants or receive waivers of non-compliance with covenants as of Dec. 31, according to a news release.

The covenants that the company breached were related to EBITDA, minimum liquidity, adjusted net worth and asset cover.

As a result of the covenant breaches and due to cross default provisions contained in all the company's bank facilities, all debt has been classified as current.

The company said in the release that it does not expect lenders to demand payment of the loans before maturity, provided that loan installments and accumulated or accrued interest are paid when due.

TOP Ships is a Athens, Greece-based maritime shipping company that provides transportation services for crude oil, petroleum products and dry bulk commodities.

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