Seanergy Maritime Holdings Corp. Announces Sale of Subsidiaries in Full Satisfaction of Underlying Loan
January 30 2013 - 8:30AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
announced today that its wholly-owned subsidiary, Maritime Capital
Shipping Limited ("MCS"), sold its 100% ownership interest in four
subsidiaries. The four subsidiaries own the Handysize dry bulk
carriers M/V Fiesta, M/V Pacific Fantasy, M/V Pacific Fighter and
M/V Clipper Freeway. The buyer is a third-party nominee of the
lenders under the senior secured credit facility with DVB Merchant
Bank (Asia) Ltd., as agent. MCS had provided a guarantee under this
facility.
As of January 29, 2013, in exchange for the sale, approximately
$30.3 million of outstanding debt was discharged. In addition, the
guarantee provided by MCS was fully released. In connection with
the sale of the subsidiaries, the Company's Board of Directors
obtained a fairness opinion from an independent third party.
Following this transaction, the Company's fleet consists of
eight dry bulk carriers (two Panamax, two Supramax, and four
Handysize vessels) with a total carrying capacity of approximately
350,367 dwt and the average age is reduced to 13.2 years, from 13.9
years previously.
After giving effect to the transaction, the overall indebtedness
of the Seanergy group of companies is reduced to approximately $177
million.
Stamatis Tsantanis, the Company's Chief Executive Officer,
stated: "This transaction represents another important milestone in
the Company's restructuring process. Following the sale of these
four subsidiaries, our overall indebtedness is further reduced by
approximately $30.3 million, which is another important step
towards a sustainable capital structure for our Company."
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a Marshall Islands
corporation with its executive offices in Athens, Greece. The
Company is engaged in the transportation of dry bulk cargoes
through the ownership and operation of dry bulk carriers.
Following the transaction, the Company's fleet consists of eight
dry bulk carriers (two Panamax, two Supramax, and four Handysize
vessels) with a total carrying capacity of approximately 350,367
dwt and an average fleet age of 13.2 years.
The Company's common stock trades on the NASDAQ Capital Market
under the symbol "SHIP."
Forward-Looking Statements
This 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 the Company's growth strategy and
measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes 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 the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, the scope and
timing of Securities and Exchange Commission ("SEC") and other
regulatory agency review, competitive factors in the market in
which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to
time in the Company's filings with the SEC. The Company's filings
can be obtained free of charge on the SEC's website at www.sec.gov.
The Company 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 the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact: Investor
Relations / Media Capital Link, Inc. Paul Lampoutis 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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