Seanergy Maritime Holdings Corp. Announces Sale of Subsidiary
November 19 2012 - 4:05PM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
announced today that it has entered into a Share Purchase Agreement
to sell the 100% ownership interest in Bulk Energy Transport
(Holdings) Limited ("BET") for a nominal cash consideration. The
Buyer, I.M.I. Holdings Corp., is an affiliate controlled by members
of the Restis family, the Company's major shareholders. The sale
has been approved in principle by the majority lenders of the BET
syndicate and their agreement is conditional on and subject to
final documentation satisfactory to them.
On the date of the agreement BET owned a fleet of two Capesize
dry bulk carrier vessels with a cargo-carrying capacity of 313,061
dwt and an average fleet age of approximately 19.3 years.
The sale of the subisidiary which is expected to close in the
4th quarter of 2012 is part of Seanergy's overall financial
restructuring plan. Following the completion of the sale, the
overall indebtedness of companies within the Seanergy group will be
reduced by approximately $46.7 million.
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.
Upon completion of the BET sale transaction, the Company's fleet
will consist of 13 dry-bulk carriers (two Panamax, two Supramax,
and nine Handysize vessels) with a total carrying capacity of
approximately 499,070 dwt and an average fleet age of 13.3
years.
The Company's common stock trades on the NASDAQ Global Market
under the symbol "SHIP."
Forward-Looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth strategy and
measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that such expectations will prove to have been
correct, these statements involve known and unknown risks and are
based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, the scope and
timing of Securities and Exchange Commission ("SEC") and other
regulatory agency review, competitive factors in the market in
which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to
time in the Company's filings with the SEC. The Company's filings
can be obtained free of charge on the SEC's website at www.sec.gov.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact: Investor
Relations / Media Capital Link, Inc. Paul Lampoutis 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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