Seanergy Maritime Holdings Corp. Completes Sale of Three Vessel Owning Subsidiaries in Full Satisfaction of Underlying Loan
July 23 2013 - 8:30AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
announced today that it has closed on its previously announced
agreement to sell through its wholly-owned subsidiary, Maritime
Capital Shipping Limited ("MCS"), a 100% ownership interest in its
three vessel-owning subsidiaries to a nominee of the lender, in
exchange for a nominal cash consideration and full satisfaction of
the underlying loan and other related liabilities. The three
subsidiaries own the Handysize dry bulk carriers M/V Asian Grace,
M/V African Glory and M/V African Joy and MCS had provided a
guarantee under this facility.
As of July 19, 2013, in exchange for the sale, approximately
$39.5 million of outstanding debt, accrued interest and swap
liabilities were discharged and 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. The Company also expects a gain of
approximately $21 million as a result of the transaction that will
be reflected in the third quarter of 2013.
Following this transaction, the Company's fleet consists of four
dry bulk carriers (two Panamax and two Supramax) with a total
carrying capacity of approximately 255,109 dwt and the average age
is reduced to 12.4 years, from 13.7 years previously.
Stamatis Tsantanis, the Company's Chief
Executive Officer, stated: "We are very pleased to announce
the closing of the sale of three vessel owning subsidiaries. This
transaction results in the further reduction of Seanergy's
indebtedness by approximately $39.5 million, and overall, total
debt is reduced from $177 million in March 31, 2013 to
approximately $135 million today. This is another important step in
the Company's restructuring efforts towards a sustainable capital
structure that has been ongoing since 2012. Our aim now is to reach
an agreement with our remaining lender in order to complete our
restructuring plans."
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.
The Company's fleet consists of four dry bulk carriers (two
Panamax, and two Supramax) with a total carrying capacity of
approximately 255,109 dwt and an average fleet age of 12.4
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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