Why FreeSeas (FREE) Stock Is Higher Monday

NEW YORK (TheStreet) -- Shares of FreeSeas Inc. (FREE) are higher by 4.04% to $1.16 on Monday after the company announced it settled $37.6 million of debt with Credit Suisse (CS) and that the firm canceled the company's remaining $15 million in debt.

The company is a transporter of dry bulk cargo. 

"We are very pleased to announce the pay-off of our loan with Credit Suisse," said company CEO Ion Varouzakis. "Today's debt repayment represents the culmination of a series of transformative transactions for our company."

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