Seanergy Maritime Holdings Corp. Announces Agreement to Sell Three Subsidiaries
in Full Satisfaction of Underlying Loan
ATHENS, GREECE -- (Marketwired) -- 05/20/13 -- 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
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
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."
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.
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
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