Seanergy Maritime Holdings Corp. Announces Agreement to Sell Three Subsidiaries in Full Satisfaction of Underlying Loan
May 20 2013 - 9:20AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
announced today that its wholly-owned subsidiary, Maritime Capital
Shipping Limited ("MCS"), entered into a term sheet with its sole
lender for the sale of a 100% ownership interest in three of MCS's
vessel-owning subsidiaries to a nominee of the lender, in exchange
for a nominal cash consideration and full satisfaction of the
underlying loan. MCS provides a guarantee under this loan
agreement. The three subsidiaries own the Handysize dry bulk
carriers M/V Asian Grace, M/V African Glory and M/V African Joy.
Upon the closing of the transaction, approximately $39 million
of outstanding debt will be discharged and the guarantee provided
by MCS will be fully released.
After giving effect to the transaction, the overall indebtedness
of the Seanergy group of companies will be reduced to approximately
$135 million.
The sale is subject to final documentation and is expected to
close by May 31, 2013.
Stamatis Tsantanis, the Company's Chief
Executive Officer, stated: "The agreement with the sole lender
of MCS is another important step towards the successful
restructuring of our outstanding debt. Since the beginning of 2012
and subject to the closing of this transaction, we will have
reduced our indebtedness by approximately 61% to $135 million
through agreements with four out of our five lenders. We continue
discussions with our remaining lender, aiming to reach a solution
that will enable Seanergy to complete the restructuring of its
outstanding debt."
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.
As of today, the Company's fleet consists of 7 drybulk carriers
(two Panamax, two Supramax, and three Handysize vessels) with a
total carrying capacity of approximately 326,255 dwt and an average
fleet age of 13.5 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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