Corporate digest

First Ship Lease Trust

A DEAL calling on Navios Maritime Holdings Inc to inject a mix of equity and debt financing for First Ship Lease (FSL) Trust and its affiliates is no longer on the table after a Sept 30 deadline lapsed. The listed shipping trust said that its trustee-manager "will continue to be proactive in achieving refinancing to ensure the long-term stability of the Trust amid the volatility and reduction in vessel values".

Navios had agreed under the now terminated term sheet to extend a US$20 million second priority mortgage convertible loan to the trust. The interest-bearing convertible loan was to be termed out for one year. It was also envisaged that the loan would be convertible into units in FSL Trust.