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07/03/2014Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2014

“In the first quarter of 2014, we successfully completed a significant financial overhaul of our Company, which resulted in the elimination of all our outstanding indebtedness. Since the beginning of this rigorous restructuring process in 2012, we extinguished approximately $346 million of secured liabilities and all of the Company’s guarantees were fully released. This effort was achieved without entering into any court protection, without any dilution of the Company’s shareholders and without any interruption of the listing status of the Company’s common shares on the Nasdaq Stock Market.

“Additionally, in June 2014, as part of the Company’s balance sheet strengthening efforts, certain of our major shareholders have contributed the amount of $1.1 million in return for newly issued common shares of Seanergy. We consider this positive development as a strong vote of confidence in our Company and its prospects.

“Furthermore, as previously announced, we have entered into a strategic agreement with companies controlled by our major shareholders, whereby four modern Capesize vessels will be contributed in the Company in exchange for newly issued common shares. Pursuant to this agreement, the transaction is expected to close in the third quarter of this year.

“After the Company’s debt restructuring and cash contribution, and upon the contribution of the Capesize vessels, we believe that Seanergy’s strengthened balance sheet will ensure the long-term compliance with the Nasdaq listing standards and will provide a significant source of capital for the expansion of our Company.

“Looking forward, we believe that most market participants are optimistic about a dry bulk shipping recovery materializing from the fourth quarter of 2014 onwards. We are optimistic that our Company’s positioning, subject to the finalization of the vessels’ contribution, will allow us to capitalize on a rising spot rate environment and will facilitate further growth.”
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