Seanergy Maritime Holdings Corp. Completes Sale of Three Vessel Owning Subsidiaries in Full Satisfaction of Underlying Loan
July 23, 2013 – Athens, Greece – 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 restructuring plans.”
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.”
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