Dutch shipping company, Vroon has reached an in principle agreement with all its lenders regarding the terms of its financial restructuring.
The agreement, which is only subject to final documentation and credit committee confirmation, is an important step forward towards the finalisation of Vroon's financial restructuring.
The agreement marks the important step towards the final stage of a process initiated in late 2016 following continued challenges in shipping markets.
With the agreement in place, Coco Vroon has decided to step down as managing director at the end of April 2018, although as a shareholder, he will remain closely involved and aims to continue creating value for the group.
Herman Marks, who has worked with the company for many years, latterly in the role of chief financial officer, will become managing director and lead the restructuring process.
Jan-Piet Baars and Rob Grool will remain in their positions as commercial director and director fleet management, respectively.
Coco Vroon commented: "Shipping markets are improving after a very tough period, although there is still a lot of work to be done. I am certain I am leaving the group in excellent hands."