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Seanergy Maritime Holdings Corp. Announces Sale of Subsidiaries in Full Satisfaction of Underlying Loan

Seanergy Maritime Holdings Corp. Announces Sale of Subsidiaries in Full 
Satisfaction of Underlying Loan 
ATHENS, GREECE -- (Marketwire) -- 01/30/13 --  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 gi
ving 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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