Aries Maritime repays some bank debt with asset sale proceeds

By Sara Rosenberg

New York, July 9 - Aries Maritime Transport Ltd. repaid $61.1 million of its bank debt with proceeds from the sale of its Arius, Energy 1 and Oslo vessels, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Following the paydown, as of June 25, the company had $223.7 million of outstanding bank borrowings.

The company expects to sell one or more vessels by August so that it can reduce the debt to $200 million by Aug. 31 as required under a recent credit facility amendment.

Aries is a Glyfada, Athens-based shipping company.

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