Steam Packet Company reduces debt

The Steam Packet Company says it has significantly reduced its debt after undergoing a financial restructuring.

It follows almost a year of negotiations with the company's syndicate of lenders and has been achieved without the need for government funding or support.

The company says it will now concentrate on developing the passenger and freight markets.

However it is warning that there will be a need for substantial new investment to ensure the Island is served by modern vessels and says discussions will have to take place with government about the current user agreement.