Greek Owners Restructure, Sell Two Ships

Press Release
Friday, June 22, 2012

Greece-based NewLead Holdings Ltd. announces $75.0 Million debt reduction and $18.1 million conversion of debt to equity by sale of 2 tankships

NewLead Holdings Ltd. ("NewLead")  announce that it has entered into an agreement with Piraeus Bank S.A. ("Piraeus Bank") to proceed with the sale of the two tanker vessels, Hiona and Hiotissa, for an aggregate amount of $57.0 million and to convert, subject to satisfaction of certain conditions precedent by the Company, $18.1 million debt into 22.1 million shares of NewLead's common stock.

As a result of this transaction, NewLead will be released from all obligations under the Piraeus Bank credit facility. These transactions are expected to occur in the third quarter of 2012 and are subject to certain conditions.

Michael Zolotas, President and Chief Executive Officer of NewLead, stated, "The sale of the two vessels is one more step forward in the completion of NewLead's restructuring. Today's agreement with Piraeus Bank to convert debt to equity demonstrates the confidence of our lenders in NewLead's prospects post restructuring."


 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Ensco plc Reports 3Q, 2014 Results

Ensco plcĀ  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Chevron Announces Quarterly Dividend

The Board of Directors of Chevron Corporation today declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable December 10, 2014,

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1079 sec (9 req/sec)