June 6 (Reuters) - Dry bulk shipper DryShips Inc said it had defaulted on three bank facilities and raised “substantial doubt” of its ability to stay in business, after being hit by a prolonged downturn in commodity prices and low charter rates.
The company said in a regulatory filing on Monday that it was in breach of financial covenants and has elected to suspend principal repayments and interest payments for the remaining bank facilities. (1.usa.gov/1tcW16D)
The company had total liabilities of $280 million as of March 31. (Reporting by Arathy S Nair in Bengaluru; Editing by Don Sebastian)