ATHENS, GREECE -- (Marketwired) -- 12/01/16 -- DryShips Inc. (NASDAQ: $DRYS)
(the "Company"), an international owner of drybulk carriers and offshore support
vessels, announced today that a company controlled by Mr. George Economou, our
Chairman and CEO has become the lender of record under its $85.1 million Syndicated Loan previously arranged by
HSH Nordbank. Following this transaction, entities affiliated by Mr. George
Economou control the vast majority of our debt outstanding with total aggregate
principal amount outstanding of $154.5 million.
The remaining debt, of $16.5 million is
associated with third party commercial lenders with which we have either reached
or are in discussions to reach, an amicable settlement.
Mr. Anthony Kandylidis, Executive Vice President and interim CFO commented:
"We are very excited by the commitment shown by Mr. George Economou to assist
DryShips in its efforts to reach an agreement with its financing banks. With
more than 90% of our debt now in the hands of our founder, it is safe to
conclude that the Company is no longer in any danger from its lenders exercising
any of their rights under the Company's existing defaults under their respective
loan agreements. We are already in discussions with Mr. Economou to amend the
Company's debt and regain compliance. In that respect, we hope to be in a
position to announce further positive developments in the near future."
