ATHENS, Greece, Dec. 8, 2015 /PRNewswire/ -- On 8 December 2015, Paragon Shipping Inc. entered
into an agreement with Commerzbank AG for the full and final
satisfaction of all amounts outstanding under a US$57,000,000 facility, of which approximately
US$38,237,500 is currently
outstanding, in exchange for the net sale proceeds of the mortgaged
vessels, namely m.vs. "DIAMOND SEAS", "PEARL SEAS" and "SAPPHIRE
SEAS" (the "Vessels"). The Vessels have been committed for
sale to an unaffiliated third party under separate Memoranda of
Agreement and are expected to be delivered to their buyer by
12 February 2016.
About Paragon Shipping Inc.
Paragon Shipping is an international shipping company
incorporated under the laws of the Republic of the Marshall Islands with executive offices in
Athens, Greece, specializing in
the transportation of drybulk cargoes. Paragon Shipping's current
fleet consists of twelve drybulk vessels with a total carrying
capacity of 719,769 dwt. In addition, Paragon Shipping's current
newbuilding contracts consist of two Ultramax and three Kamsarmax
drybulk carriers that are scheduled to be delivered between the
fourth quarter of 2015 and the first quarter of 2016. The Company's
common shares and senior notes trade on the NASDAQ Capital Market
under the symbols "PRGN" and "PRGNL," respectively. For more
information, visit: www.paragonship.com. The information contained
on Paragon Shipping's website does not constitute part of this
press release.
Contacts:
Paragon Shipping Inc.
ir@paragonshipping.gr
DresnerAllenCaron
Rudy
Barrio (Investors)
rbarrio@dresnerallencaron.com
(212) 691-8087
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SOURCE Paragon Shipping Inc.