Eitzen Chemicl looses CEO

Oct 25 2013

Eitzen Chemical CEO Per Sylvester Jensen has tendered his notice of resignation to the board.

Jensen will continue in his position until further notice, while a search for his successor is conducted. The board has already started and hope to find Jensen's successor shortly. 

The board and the company's senior vessel lenders also said that they were jointly exploring opportunities to restructure the company's debt to raise money to strengthen the balance sheet and grow the company.

Eitzen Chemical and its senior vessel lenders are exploring opportunities to raise capital to strengthen the company’s equity so it can again add to its asset base and market presence. 

In connection with seeking new investors, the lenders will consider modifications of the company's existing indebtedness. 

Eitzen Chemical said that it believed that this is an appropriate time to consider these changes to its capital structure, as the current capital structure restricts its ability to grow and to pursue attractive commercial opportunities. 

It also believed that the present market conditions are favourable with respect to investment in the chemical tankers market and a stronger balance sheet and investment capacity is necessary to carry out the company's strategy.

In connection with the investor investigation process and associated debt modifications, New York-based Evercore Group has been retained as an advisor.


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