Eitzen Chemical - temporary agreement with banks

3 Jul, 2009

Eitzen Chemical ASA (OSE: ECHEM) announced today that it has entered into an agreement with its bank syndicates, where the banks have granted a temporary waiver of covenants and postponements of instalments, until 1 October 2009, in order for the company to present a long term financial plan. The company previously announced that it did not comply with all its bank covenants when it presented its first quarter's results. Eitzen Chemical will give an update on its financial status when it presents its second quarter results, now set for 27 August 2009.

Eitzen Chemical is an industrial carrier of petrochemical and related cargos with a fleet of 81 vessels. 64 vessels are owned and leased, and a further 17 vessels are operated for partners.

Eitzen Chemical ASA