On October 3, 2011, FreeSeas, a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, entered into an agreement to sell the M/V Free Lady, a 2003-built, 50,246 dwt Handymax dry bulk carrier, for a sale price of approximately $21.9 million.The M/V Free Lady is expected to be delivered to her new owners later in November 2011.
In application of the sale proceeds from the sale of the M/V Free Lady, the Company has agreed with Credit Suisse, its largest lender, subject to customary documentation, to reduce the next five loan repayment installments from a total amount of $10.0 million to a total amount of $2.8 million starting from the third quarter of 2011.
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Source: FreeSeas, November 3, 2011