ECHEM - Press Release on Bank Restructuring

Eitzen Chemical ASA (OSE: ECHEM) is pleased to announce that the
company has signed amended agreements with its banks that secure
additional improvements to its loan agreements relative to the
agreement which was announced on 1 October 2009. Further reference is
made to previous announcements regarding the financial restructuring
of Eitzen Chemical.

Under the revised terms, all main debt maturities have now been
extended to July 2014. As earlier, all fixed instalments will be
suspended until November 2012, with a potential for variable debt
amortisation depending on Eitzen Chemical's financial performance.
From November 2012 to maturity, fixed quarterly instalments will
apply.

As per the earlier agreement, all existing financial covenants, with
the exception of a new minimum cash covenant to be introduced from
the first quarter of 2010 and a new minimum value-to-loan covenant to
be introduced from the first quarter of 2011, have been suspended,
and this suspension will now apply until the new maturity dates.

The company has called for an extraordinary general meeting (EGM) to
be held on 26 November 2009 at 12:00 CET to resolve the equity issue.
As a result of the new agreements with the banks, there are now no
other conditions for completion of the equity issue than approval by
shareholders in the EGM.

"This concludes the financial restructuring of Eitzen Chemical, only
conditional upon approval of the equity issue at the up-coming EGM.
The restructuring started with the cancellation of the newbuilding
program earlier this year. This facilitated the agreement with the
bondholders in September and the USD 115 mill. equity issue completed
earlier this month, and was finalized with the agreement with our
banks today. We are confident the robust financial platform following
the restructuring, coupled with the company's modern fleet and strong
market position will be a solid basis for creating shareholder value
and safeguarding our various stakeholders going forward", said Terje
Askvig, CEO of Eitzen Chemical.

Eitzen Chemical is an industrial carrier of petrochemical and related
cargos with a total fleet of 84 vessels. 62 vessels are owned and
leased, and a further 22 vessels are operated for partners.

For further information, please contact:

Terje Askvig
Chief Executive Officer
0047 2400 6170

Per-Hermod Rasmussen
Chief Financial Officer
0047 2400 6175

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.