Seanergy Maritime Holdings Corp. Announces Agreement With Its Final Lender to
Complete Its Restructuring Plan and Approval From Nasdaq
for Continued Listing in Order to Regain Compliance
ATHENS, GREECE -- (Marketwired) -- 02/19/14 -- Seanergy Maritime
Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today that it
has entered into a delivery and settlement agreement with its
remaining lender to unwind its final credit facility. Under this
agreement, the Company will sell its four vessels to a nominee of the
lender in full satisfaction of the underlying loan. The four vessels
are the bulk carriers M/V Bremen Max, M/V Hamburg Max, M/V Davakis G
and M/V Delos Ranger.
Upon the closing of the transaction, approximately $145 million of
outstanding debt and accrued interest will be discharged and the
Company's guarantee will be fully released.
After giving effect to the transaction, the overall indebtedness of
the Seanergy group of companies will be extinguished. The agreement
is subject to the standard closing process for the sale of the
vessels and is expected to close by the end of the first quarter.
The Company further announced that the Nasdaq Hearings Panel has
granted the Company's request for continued listing on the Nasdaq
Stock Market ("Nasdaq") through April 28, 2014, to allow it to regain
compliance with the Nasdaq minimum shareholders' equity requirement.
Seanergy is evaluating available options to resolve the deficiency
and regain compliance in accordance with the Nasdaq's requirement.
Stamatis Tsantanis, the Company's Chief Executive Officer, stated:
"We are very pleased to have reached agreement with our final lender
to complete our financial restructuring plan after a long and
demanding process. Since the beginning of 2012, in a challenging
market environment, we have managed to extinguish $346 million of
debt and completely transforming our balance sheet. We expect that
the Company will be in a substantially stronger position to pursue
future growth through accretive transactions.
Turning to the Company's listing with Nasdaq, we are pleased to
announce that we were granted an approval for continued listing on
the Nasdaq Stock Market until April 28, 2014. By that time we expect
to be in position to meet Nasdaq's requirements and remain listed in
order to proceed with our plan to grow the 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
The Company's current fleet consists of 4 dry-bulk carriers (two
Panamax and two Supramax) with a total carrying capacity of
approximately 255,109 dwt and an average fleet age of 12.6 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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