Paragon Shipping Inc. Announces Recent Developments on its Debt Agreements and Newbuilding Contracts

ATHENS, Greece, March 9, 2016 /PRNewswire/ -- Paragon Shipping Inc. ("Paragon" or the "Company") today announced the following updates on its debt agreements and newbuilding contracts: Syndicated Loan Facility dated May 6, 2014 On March 9, 2016, the Company agreed with the syndicated banks, subject to certain conditions, to sell the mortgaged vessels, namely the M/V Coral Seas, the M/V Golden Seas, the M/V Prosperous Seas, the M/V Precious Seas, the M/V Priceless Seas and the M/V Proud Seas, to unaffiliated third parties in exchange for the full and final settlement of the outstanding amount of the respective facility. Newbuilding Contracts The Company is currently in discussions with...