International Shipholding loan changes increase interest, commitments

By Caroline Salls

Pittsburgh, Nov. 3 – International Shipholding Corp. entered into two amendments to its debtor-in-possession credit agreement with Seacor Capital Corp. and DVB Bank SE, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Under the first amendment, the default interest rate was increased to 16% from 14%.

Meanwhile, the second amendment increased the committed amount under the DIP credit facility to $18.1 million from $16 million.

Mobile, Ala.-based International Shipholding provides maritime transportation services through its subsidiaries. The company filed bankruptcy on Aug. 31 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 16-12220.

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