Goldenport Gets Green Light to Sell Its Fleet, Delists Shares

Owner and operator of dry bulk and container ships Goldenport Holdings Inc said that its directors have approved the proposed sale of the company’s entire fleet of eight ships to finance debt repayment.

The company suspended the servicing of its debt on 22 January 2016 and has been in talks with its lenders to amend the terms of its loans ever since. However, as a deal on the matter could not be reached and faced with lack of capital, the company proposed to sell its six bulkers and two container ships to the Dragnis family.

The move has been signed off and entails the sale of the Eleni D to Nemea Marine  for USD 1, subject to the novation of the related Commerzbank loan facility, the sale of Milos and Pisti to Verona Navigation for USD 1, subject to the novation of the related RBS loan facilities and the sale of D Skalkeas, Erato and Paris Jr to Meteora Shiptrading for USD 1, subject to the novation of the related UniCredit loan.

In addition, the decision also includes the sale of Sifnos and Sofia “for the best consideration that can be obtained”, in full and final settlement of the related RBS loans.

Nemea Marine, Verona Navigation and Meteora Shiptrading are each companies controlled by the Dragnis family.

Further to the aforementioned decision, the company’s directors have also approved a request to delist the company’s shares from trading on the Main Market of the London Stock Exchange.

 Goldenport said that the reasons behind delisting stem from the prevailing weak market conditions in dry bulk and containership shipping resulting in increasing idle capacity, weakening vessel charter rates and receding asset values.

 “ As a consequence, the company’s cash reserves have been drained, in order to cover operating expenses and finance costs,” Goldenport said, adding that there has been a significant fall in the company’s ordinary share price, resulting in a shrinking market capitalization.

 “In the current financial climate as described above, and taking into account the company’s low market capitalization and the costs of maintaining the listing, while having no operating assets after the proposed disposals mentioned above, it has become evident that it would be economically sensible to proceed with the delisting,” the company added.

 It is expected that trading on the stock exchange will cease on 23 May 2016 with the delisting becoming effective on 24 May 2016.

 

 

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