Tallink Concludes Vessel Purchases
The Board of Directors of Attica Holdings S.A. announced that it has concluded the sale and delivery of Superfast VII and Superfast VIII to AS Tallink Grupp. The sale and delivery of Superfast IX to her new owners AS Tallink Grupp is scheduled to take place on April 12. The sale price of Superfast VII and Superfast VIII stands at about $249m and the sale price of Superfast IX at 125.9m. Out of the total sale proceeds of $375m, Attica’s cash balances will increase by approximately $123m after repayment of the ships’ debt of $237m and payment of various expenses related to the transaction of approximately $13m. Attica Group will book capital gains of approximately $13m, which will appear in the Group’s second quarter 2006 results. Superfast VII and Superfast VIII served the Baltic Sea market since May 2001 while Superfast IX was redeployed to the Germany-Finland route as of November 2005. The sold vessels will retain their names and continue sailing under the Superfast livery until the end of 2007 at the latest, following an agreement with AS Tallink Grupp.