Alpha’s Modest Proposal

Despite the growing number of failed consent solicitations from shipping issuers, Alpha may be the one to reverse the trend. It is our understanding that the company and its underwriter, Citicorp Securities, have approached larger bondholders to get a sense of how they would react if asked to unlock funds from vessels that he has sold so that principal George Economou can bring three capesize bulk carriers into the Alpha fleet which he has recently acquired through Drytank S.A. Under the terms of Alpha’s indenture, the funds are supposed to be used toward the acquisition of “unencumbered assets”, which the capes are not.

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