Seanergy Completes Financial Restructuring

Seanergy Maritime Holdings Corp., an international provider of dry bulk marine transportation services, has completed its financial restructuring and is now ready to pursue growth more aggressively.

The company has sold its four remaining bulk carriers to a nominee of the lender in full satisfaction of the underlying loan. In exchange for the sale, approximately $146 million of outstanding debt and accrued interest were discharged and the company’s guarantee has been fully released.

The gain from this transaction is expected to be approximately $85 million, which will be reflected in the first quarter of 2014.

Stamatis Tsantanis, the company’s Chairman and Chief Executive Officer, stated: “Through the successful completion of our financial restructuring plan, the company has managed to extinguish $346 million of debt since 2012. We are now in a position to evaluate a number of strategic opportunities for the company. Having achieved this important milestone, we are now focused on pursuing growth through accretive transactions.”

After giving effect to the transaction, the company has no outstanding indebtedness.

 

seanergy, March 19, 2014

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