Danaos agrees with banks on debt cut in exchange for stock
After marathon negotiations and with the clock ticking on $2.2bn of debt maturing at the end of this year, Danaos has finally unveiled a deal with its bankers. The Greek containership owner is hailing a massive $551m reduction in its debt burden although this comes at a cost to existing shareholders, including chief executive John Coustas, with lenders poised to own a 47.5% chunk of the company
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