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To: patron_anejo_por_favor who wrote (180332)	1/28/2009 6:37:38 PM
From: DebtBomb	Respond to of 306849

UPDATE 1-DryShips in breach of some loan covenants Wed Jan 28, 2009 6:12pm EST Email \| Print \| Share\| Reprints \| Single Page[-] Text [+] Market News Wall St flies on bank-rescue hope; Starbucks hit late Wells Fargo soars despite huge loss; capital sound Qualcomm profit falls, cuts '09 revenue target More Business & Investing News... Featured Broker sponsored link Jan 28 (Reuters) - DryShips Inc (DRYS.O) said two of its banks notified the Greek dry bulk carrier that it is in breach of certain financial covenants and it is currently in discussions with its lenders for waivers and amendments to loan covenants. Shares of the company fell 15 percent to $10.39 in trading after the bell. They had closed up 8 percent at $12.22 Wednesday on Nasdaq. "Two of our leading banks, which collectively held $751.8 million of our indebtedness as of December 31, 2008, have notified us that we are in breach of certain financial covenants contained in our loan agreements," DryShips said in a filing with the U.S. Securities and Exchange Commission. The company added that it is in talks with another lender that currently holds $650 million of its debt regarding breach of loan covenants. DryShips also said the general decline in the drybulk carrier charter market has resulted in lower charter rates for 12 of its vessels exposed to the spot market. reuters.com