TOP Ships secures waiver of breached loan covenants from Alpha Bank

By Susanna Moon

Chicago, April 7 - TOP Ships Inc. said it obtained a waiver from Alpha Bank until Feb. 28, 2012 for the breach of financial covenants under the Alpha Bank credit facility.

TOP Ships said on March 18 that it was in talks with its banks to amend covenants or receive waivers of non-compliance with covenants as of Dec. 31.

As previously noted, 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 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 an Athens, Greece-based maritime shipping company that provides transportation services for crude oil, petroleum products and dry bulk commodities.

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