Aries Maritime completes strategic review; lenders extend deadline under revolver

By Lisa Kerner

Charlotte, N.C., June 30 - Aries Maritime Transport Ltd. concluded its review of strategic alternatives that it began in March and determined it will continue to execute its operating plan.

"Management remains focused on renewing and repositioning our fleet and maintaining our period charter approach in support of the company's long-term objectives," president and chief executive officer Mons S. Bolin said in a company news release.

Aries also received an extension from its lenders of its deadline to reduce the outstanding borrowings under its fully revolving credit facility to $200 million to Aug. 31 from Monday.

According to Aries, as of Monday, it had reduced the outstanding borrowings under the revolver to $223.7 million.

The Athens-based international shipping company completed the sale of the three oldest vessels in its fleet for a net price totaling $60.8 million.

Proceeds from the sale were used to reduce outstanding borrowings under the revolver, Aries said.

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