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03/14/2017Press Releases

Seanergy Announces Proactive Covenant Deferral and Waiver Agreements of its Bank Lending Facilities

“We are pleased to announce that we have proactively agreed with our lenders to waive and defer certain major financial covenants of all of our existing banking facilities through the second quarter of 2018. While the Company was not in a breach of covenants in any of its facilities, we approached our banks well in advance to resolve any issue that could arise in the next 13 to 15 months.

“These agreements are a result of our strong relationships with our lenders and are aimed to align the application date of certain major financial covenants starting in the second quarter of 2018.

“Currently, we are seeing rising freight rates and asset values within the dry bulk market and we believe this strategic agreement will also allow us to operate with significantly more financial flexibility as we look to grow our fleet.”
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