Paragon Shipping Raises Working Capital

Press Release
Tuesday, December 25, 2012

Paragon Shipping Inc. raises US$ 10-million working capital in sale of newly-issued shares to an entity affiliated to its own chairman.

The Paragon Board agreed to sell 4,901,961 newly-issued shares of the Company's common stock to an entity affiliated with Mr. Michael Bodouroglou , the Company's Chairman and Chief Executive Officer, for total consideration of $10 million.

The proceeds will be used by the Company for working capital purposes.  In addition, the Company will have the right, but not the obligation, to repurchase these newly-issued shares, at the same price per share at which they were sold in this private placement.

Commenting on the private placement, Michael Bodouroglou, the Company's Chairman and Chief Executive Officer stated, "In order to remove any uncertainty in satisfying a key condition precedent stipulated under our amended loan agreements, I have agreed with the Independent Members of the Board of Directors to purchase $10 million worth of shares in Paragon.  This transaction strengthens the Company's financial position and ensures that it continues to meet NYSE listing requirements."

Paragon Shipping is a Marshall Islands-based international shipping company with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. The Company's current fleet consists of twelve drybulk vessels with a total carrying capacity of 779,270 dwt. In addition, the Company's current newbuilding program consists of two Handysize drybulk carriers that are scheduled to be delivered in 2013 and two 4,800 TEU containerships that are scheduled to be delivered in 2014.
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Oranjewerf Ship Repair becomes Damen Shiprepair Oranjewerf

On 1 July 2015, Oranjewerf Ship Repair, which joined Damen Shipyards Group in 1989, will officially change its name to Damen Shiprepair Oranjewerf. This name

Shell Steps Closer to Arctic Drilling

The U.S. Fish and Wildlife Service authorized the nonlethal, incidental, and unintentional take of small numbers of polar bears and Pacific walrus that result

Transnet Awards Bid for Cape Town Cruise Terminal

Transnet National Ports Authority awarded the V&A Waterfront (Pty) Ltd the status of Preferred Bidder for the development of a cruise terminal at the Port of Cape Town, Transnet said on Tuesday.

Finance

Transnet Awards Bid for Cape Town Cruise Terminal

Transnet National Ports Authority awarded the V&A Waterfront (Pty) Ltd the status of Preferred Bidder for the development of a cruise terminal at the Port of Cape Town, Transnet said on Tuesday.

Samsung Bags $4.7bn Order for 3 FLNG from Shell Gas

South Korean shipbuilder Samsung Heavy Industries Co. as won a 5.2 trillion won (US$4.7 billion) order to build three floating liquefied natural gas (FLNG) facilities, reports Yonhap.

FLEX Acquires LNG Assets from EXMAR

Nicolas Saverys-led Exmar has agreed to integrate its LNG assets and infrastructure with those of John Fredriksen’s Geveran and Flex LNG under a new USD 2.3 billion company – Exmar LNG Ltd.

 
 
Maritime Contracts Maritime Security Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1286 sec (8 req/sec)