TOPS Problems Continue

In its 3rd quarter earnings release, Top Ships reported that it was in breach of its loan covenants and is in discussions with all of its banks to receive waivers for these breaches as well as to extend existing waivers that were scheduled to expire in 2010 and 2011.

Previously, the company had received waivers and amended the loan agreements with its five leading banks with respect to covenant breaches dating back to December 31, 2008. However, the company is now in breach of additional covenants relating to EBITDA, minimum liquidity, adjusted net worth and LTV as it relates to the product tankers.

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