More time

Aries Maritime Transport agreed to give Grand Union more time to clear a key hurdle in a deal that will give Aries three large bulkers without opening its wallet.

The deal required Grand Union to secure amendments to Aries' syndicated credit facility by Friday.

Aries CEO Jeff Parry

Under the letter of intent signed in June, Grand Union will give Aries three 1990s-built capesize bulkers in exchange for 33% of the company and control of the board room.

As TradeWinds has reported, Athens-based Aries already jumped through one of the required hoops by issuing $145m in notes.

The letter of intent contains a 60-day exclusivity period.

If the deal goes through, Grand Union's Michael Zolotas and Nicholas Fistes will take the top posts in Aries' board. Their Piraeus-based company controls 47 bulkers, tankers and newbuildings, according to Clarkson Research.

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