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CMA Shipping 2011

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Restructuring – Continuing Progress

Last week, Global Ship Lease Inc. reached agreement with its banks to waive until November 30, 2012 the requirement to conduct loan-to-value (“LTV”) tests. Under the terms of the agreement, the ratio of outstanding borrowings under the credit facility to the charter free market value of the vessels at this time was not to exceed 75%, which could not be met.

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