International Shipholding Corporation Provides Second Update on Implementation of Strategic Plan
December 16 2015 - 8:30AM
Business Wire
International Shipholding Corporation (NYSE:ISH) (the “Company”
or “ISH”) today provided an update on the implementation of its
Strategic Plan. As announced on November 16, 2015, the Company has
adopted a Strategic Plan to streamline the Company principally by
focusing on its three core segments: the Jones Act, Pure Car Truck
Carriers (“PCTC”), and Rail Ferry. As the Company continues to
implement its Strategic Plan, it intends to periodically provide
the market with an update on its progress.
- The Company has executed a Memorandum
of Agreement for the sale of its supramax vessel for approximately
$11 million. Delivery of the vessel is scheduled to be completed
prior to December 31, 2015. All net proceeds from the sale of this
vessel will be used to pay down outstanding debt.
- The Company continues to aggressively
pursue the divestiture of its non-core assets, including the
railcar service facility (FSI) in Mobile, AL, and its minority
interests.
Upon completion of the sale of the supramax vessel, in
conjunction with the completion of those transactions previously
reported as being subject to Memoranda of Agreement as of December
10, 2016 (which are scheduled to be completed prior to January 31,
2016), other, smaller transactions, and regularly scheduled debt
payments, the Company will have reduced its debt outstanding from
approximately $214 million on September 30, 2015 to approximately
$129 million. ISH maintains its goal, as provided in the September
30, 2015 10-Q, to reduce its debt outstanding to between $85 and
$90 million by June 30, 2016.
About International Shipholding
Corporation
International Shipholding Corporation, through its subsidiaries,
operates a diversified fleet of U.S. and International Flag vessels
that provide worldwide and domestic maritime transportation
services to commercial and governmental customers primarily under
medium to long-term charters and contracts.
For more information about the company, please visit
www.intship.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151216005257/en/
The IGB GroupBryan Degnan, 646-673-9701bdegnan@igbir.comorLeon
Berman, 212-477-8438lberman@igbir.comorInternational Shipholding
CorporationNiels M. Johnsen, Chairman, 212-943-4141Erik L. Johnsen,
President, 251-243-9221Manny Estrada, V. P. and CFO,
251-243-9082