FREE at Last

FreeSeas Inc. has joined the rest of its peers in modifying its loan agreements by obtaining waivers from each of its lenders and refinancing a portion of an existing loan facility.

Credit Suisse has agreed to waive the any potential breech of the LTV covenant on its reducing revolving credit facility ($79.3 million) from October 1, 2008 to March 31, 2010. In exchange the company will make a partial prepayment in the amount of $5 million by July 31st.

First Business Bank has agreed to waive any breaches of the same covenant under its term loan ($24 Million)

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