UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported)

December 16, 2015

 

INTERNATIONAL SHIPHOLDING CORPORATION

(Exact name of registrant as specified in its charter)

Commission file number  –  001-10852

Delaware

 

36-2989662

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

 

11 North Water Street, Suite 18290

Mobile, Alabama

36602

(Address of principal executive offices)

(Zip Code)

 

(251) 243-9100

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

 

Item 8.01Other Events.

On December 16, 2015, International Shipholding Corporation issued a press release providing an update on the implementation of its Strategic Plan, which the Company announced on November 16, 2015.  A copy of the press release is filed as Exhibit 99.1 to this report.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.

The exhibit to this Current Report is listed in the Exhibit Index, which appears at the end of this report and is incorporated by reference herein.

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

INTERNATIONAL SHIPHOLDING CORPORATION

By:/s/ Manuel G. Estrada

Manuel G. Estrada

Vice President and Chief Financial Officer

Date:December 16, 2015

 

 

 

Exhibit Index

 

ecemb

 

Exhibit No.

Description

99.1

Press Release dated December 16, 2015.

 



W:CLIENTSISHClient FilesImages & LogosISH RebrandingISH_Corporate_Identity_Version_2_RGB_0.1 Transparent Bkgrnd No Text.tif

 

 

INTERNATIONAL SHIPHOLDING CORPORATION PROVIDES SECOND UPDATE ON IMPLEMENTATION OF STRATEGIC PLAN

 

Mobile, Alabama, December 16, 2015 – 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.

 

 

Contact:

 

The IGB Group

Bryan Degnan

(646) 673-9701

bdegnan@igbir.com 

 

Leon Berman

(212) 477-8438

lberman@igbir.com 

 

International Shipholding Corporation

Niels M. Johnsen, Chairman (212) 943-4141

Erik L. Johnsen, President (251) 243-9221

Manny Estrada, V. P. and CFO (251) 243-9082

{N2587060.4}