Paragon sells three bulkers to pay off Commerzbank loan

Paragon

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 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.

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