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January 30, 2009

Clock still ticking for U.S. Shipping Partners

The clock is ticking even faster for troubled Jones Act operator U.S. Shipping Partners L.P.

As we reported earlier this month, though a "forebearance" agreement with its lenders reported January 5 gave it until February 10, 2009 to sell itself or find some other solution to its problems, an earlier waiver from its lenders was set to expire January 31, 2009, which mean a termination of the forbearance agreement, "absent an additional waiver or agreement to forbear by the lenders."

According to an SEC filing dated today, on January 29, 2009, the partnership got such an additional agreement and now does have until February 10 to come up with something.

In the filing, the partnership says it "is currently engaged in good faith negotiations with the administrative agent and the lenders regarding restructuring and strategic alternatives," but notes there can be no assurance that the negotiations will be successful, "or that the lenders will not declare all outstanding obligations under the senior credit agreement to be immediately due and payable and pursue their rights and remedies under the senior credit agreement upon termination of the Forbearance Agreement on February 10, 2009."


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