U.S. Shipping 13% noteholders temporarily waive interest payments to aid restructuring talks

By Caroline Salls

Pittsburgh, Feb. 26 - U.S. Shipping Partners LP said Thursday that holders of 91.29% of its 13% senior secured notes due 2014 have agreed to an interest payment waiver to allow the company to complete restructuring alternative negotiations with its lenders and hold discussions with noteholder representatives, according to a company news release.

Specifically, the noteholders have agreed to waive a Feb. 15 interest payment and all subsequent interest payments until the earlier of six months after the credit agreement is paid in full and the occurrence of an insolvency event.

As previously reported, U.S. Shipping did not make the $6.5 million interest payment due Feb. 15 on the 13% notes.

U.S. Shipping is an Edison, N.J.-based provider of long-haul marine transportation services.

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