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Paragon Shipping Announces That It Has Signed Agreements With Several Of Its Lenders

ATHENS, Greece, Dec. 12, 2012 /PRNewswire/ -- Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), announced today that it has signed agreements with four of its lenders, subject to certain conditions, and agreed to amended terms in the following loan agreements: the loan agreement with Unicredit Bank AG dated November 19, 2007, the loan agreement with The Bank of Scotland Plc dated December 4, 2007, the loan agreement with Bank of Ireland dated March 30, 2009, and the loan agreement with HSBC Bank Plc dated July 2, 2010.

More specifically, the Company obtained waivers and agreed to the relaxation of several financial and security coverage ratio covenants, the deferral of a portion of its scheduled quarterly installments and, in the case of the loan agreement with Bank of Ireland and The Bank of Scotland Plc, the extension of the loan agreements to the second quarter of 2017 and to the third quarter of 2015, respectively. In addition, in respect to the loan agreement with The Bank of Scotland Plc, the Company agreed to a payment of $2.8 million for the full and final settlement of $4.7 million in debt, representing the portion of the loan of one of the syndicate members. This advance payment of $2.8 million was made on December 10, 2012.

The above-mentioned agreements are subject to the satisfaction of a number of conditions.  For additional details on these agreements please refer to the Company's report on Form 6-K, filed today with the Securities and Exchange Commission and available at www.sec.gov.

Commenting on the agreements, Michael Bodouroglou, the Company's Chairman and Chief Executive Officer stated, "We are pleased to have come to terms with the majority of our lenders, and appreciate the efforts and ongoing support of our banking group. These agreements will significantly improve the Company's liquidity, financial position and overall stability through these difficult market conditions." 

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