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v3.3.1.900

DEBT (Details 4) $ in Thousands |  |  | 12 Months Ended |
--- | --- | --- | --- | ---
Dec. 23, 2013 USD ($) | Dec. 03, 2013 USD ($) item | Dec. 31, 2015 USD ($) | Dec. 31, 2013 | Dec. 31, 2014 USD ($)
Line of Credit Facility |  |  |  |  |
Debt classified as current liability |  |  | $ 588,434 |  | $ 34,324
Secured Debt | $44 Million Term Loan Facility |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Maximum borrowing capacity |  |  | 44,000 |  | 44,000
Cash and cash equivalents and undrawn amount available for working capital required to be maintained |  |  | 750 |  |
Remaining borrowing capacity |  |  | 0 |  |
Long-term debt |  |  | 38,500 |  | $ 41,250
Debt classified as current liability |  |  | 38,500 |  |
Repayment of the outstanding debt |  |  |  |  |
2016 |  |  | 2,750 |  |
2017 |  |  | 2,750 |  |
2018 |  |  | 2,750 |  |
2019 |  |  | 30,250 |  |
Long-term Line of Credit, Total |  |  | 38,500 |  |
Secured Debt | $44 Million Term Loan Facility | Baltic Tiger and Baltic Lion |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Minimum cash required to be maintained by each collateralized vessel |  |  | $ 1,000 |  |
Predecessor | Secured Debt | $44 Million Term Loan Facility |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Maximum borrowing capacity |  | $ 44,000 |  |  |
Term of facilities |  |  |  | 6 years |
Commitment fee on unused daily average unutilized commitment (as a percent) |  | 0.75% |  |  |
Number of quarterly installments | item |  | 23 |  |  |
Amount of periodic payment |  | $ 688 |  |  |
Period after last drawdown date for first periodic repayment |  | 3 months |  |  |
Final payment amount |  | $ 28,188 |  |  |
Amount of prepayments to have liens released |  | $ 18,000 |  |  |
Maximum ratio of financial indebtedness to total assets (as a percent) |  | 70.00% |  |  |
Consolidated net worth threshold, base amount |  | $ 786,360 |  |  |
Consolidated net worth threshold, percentage of the value of any subsequent primary equity offerings (as a percent) |  | 50.00% |  |  |
Collateral security maintenance test (as a percent) |  | 125.00% |  |  |
Predecessor | Secured Debt | $44 Million Term Loan Facility | LIBOR |  |  |  |  |
Line of Credit Facility |  |  |  |  |
Reference rate for interest payable |  | three-month LIBOR |  |  |
Applicable margin over reference rate (as a percent) |  | 3.35% |  |  |
Predecessor | Secured Debt | $44 Million Term Loan Facility | Baltic Tiger |  |  |  |  |
Repayment of the outstanding debt |  |  |  |  |
Drawdowns during the period | $ 21,400 |  |  |  |
Predecessor | Secured Debt | $44 Million Term Loan Facility | Baltic Lion |  |  |  |  |
Repayment of the outstanding debt |  |  |  |  |
Drawdowns during the period | $ 22,600 |  |  |  |

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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
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