TBS International in talks with bank group, eyes forbearance extension

By Caroline Salls

Pittsburgh, Nov. 18 - TBS International plc is continuing discussions with its consortium of bankers to restructure the company's bank debt and alleviate some of the pressure on its cash flow, according to a news release.

TBS said the negotiations "continue to take a positive tone."

The company said it has a forbearance in place through Dec. 15, and it is exploring the possibilities of an extension to allow negotiations to continue.

According to the release, the lenders have made it clear that they would not agree to a restructuring under which any value is attributed to common equity.

While the lender talks have not reached the stage where restructuring terms have been fully agreed upon, TBS said it is still meeting all of its obligations to vendors, shippers and consignees.

TBS is a Dublin, Ireland-based transportation service company.

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