Navios Maritime Holdings Inc. and Navios Maritime Acquisition Corporation Terminate Loan Agreement
April 14 2016 - 6:30PM
Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM) and
Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA) announced today that the loan agreement, dated March 9,
2016, pursuant to which Navios Acquisition provided a secured
revolving loan facility of up to $50.0 million to Navios Holdings
(the “Revolver”) has been terminated today. No borrowings had
been made under the Revolver.
The Boards of Navios Holdings and Navios Acquisition believe
that the process for, and terms of, the Revolver were fair, and
that litigation challenging it is without merit. However, the
Board of Directors of Navios Holdings determined that Navios
Holdings does not currently need access to the Revolver, and the
Board of each company determined it was in such company’s best
interests to avoid expensive and unnecessary litigation.
About Navios Maritime Holdings Inc.Navios
Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated
seaborne shipping and logistics company focused on the transport
and transshipment of drybulk commodities including iron ore, coal
and grain. For more information about Navios Holdings please visit
our website: www.navios.com.
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE:NNA) is an owner and operator of tanker
vessels focusing on the transportation of petroleum products (clean
and dirty) and bulk liquid chemicals. For more information about
Navios Acquisition, please visit our website:
www.navios-acquisition.com.
Forward-Looking StatementsThis press release
contains forward-looking statements (as defined in Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events and expectations including with respect to the Company’s
liquidity. Although Navios Holdings believes that the expectations
reflected in such forward-looking statements are reasonable at the
time made, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of Navios
Holdings. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Navios Holdings
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Navios Holdings'
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
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