Vessel-holding subsidiary sale cancels preferred shares and notes
OceanPal completed a non-cash sale of its vessel-holding subsidiary on July 31, 2026, cancelling all 12,185 shares of 8.0% Series C Cumulative Convertible Perpetual Preferred Stock.
All accrued dividends on the Series C Preferred Stock were paid in full as of July 2026.
The transaction also cancelled USD 5 million of outstanding promissory notes, leaving the group with no debt for borrowed money.
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