Seanergy Maritime Holdings Corp. Completes Sale of Three Vessel Owning
Subsidiaries in Full Satisfaction of Underlying Loan
ATHENS, GREECE -- (Marketwired) -- 07/23/13 -- 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
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."
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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