August 31, 2010
K-Sea postpones earnings conference call
Coastwise tank barge operator K-Sea Transportation Partners L.P. (NYSE: KSP) yesterday filed a form 10Q with the SEC in which it reported a loss of $11.4 million for the quarter ended March 31, 2010.
Last night it postponed its fourth quarter fiscal 2010 earnings conference call, which was previously scheduled for today.
K-Sea said that it expected to enter into an agreement today with its revolving credit lenders to provide an extension of the waiver period that was previously scheduled to expire on August 31, 2010. Additionally, it said,it "is working with its lenders to amend the financial covenants in its revolving credit facility. Such amendment will be subject to several conditions, including a convertible preferred equity investment of at least $85 million. The company has reached an agreement in principle with an investment fund regarding the equity investment and believes that it will enter into a definitive agreement in the near term."
K-Sea says it "expects to hold a conference call to discuss these matters and fourth quarter results as soon as possible."