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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.0725 sec (14 req/sec)