Shares of drybulk carrier DryShips (DRYS) are falling after the company disclosed along with its first quarter results that it will suspend principal and interest payments on certain of its bank facilities.

WHAT'S NEW: DryShips reported a Q1 loss per share of (78c) on revenue of $11.9M, which is drastically down from the $492.1M the company reported for Q1 of 2015.

WHAT'S NOTABLE: Along with its Q1 earnings release, the company said it is presently engaged in discussions with its lenders for the restructuring of its debt facilities. Three of these bank facilities have matured and the company has not made the final balloon installment. For the remaining bank facilities, the company has elected to suspend principal and interest payments to preserve cash liquidity.

PRICE ACTION: Shares of DryShips are down 32c, or 12.2%, to $2.30 in after-hours trading.