Montague named Prestige Cruise President, COO
Norwegian Cruise Line Holdings Ltd. (Nasdaq:NCLH) announced today that Jason Montague has been named President and Chief Operating Officer of Prestige Cruise Holdings, Inc. effective today, following the resignation of Kunal S. Kamlani. Montague was instrumental in launching Oceania Cruises in 2002 and is widely regarded as one of the original co-founders of the company. "As we continue to refine the future organization, Jason stands out as a leader who is knowledgeable about the brands and is so passionate about them," said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. Prestige Cruise Holdings, Inc. Chief Executive Officer Frank Del Rio noted that Montague had played a key part in creating the great brands that have been built at Prestige.
Genco Reaches Bankruptcy Restructuring Deal
Genco Shipping & Trading Ltd. will cut its debt by more than $1 billion by giving control of the company to its lenders in a deal that requires the dry bulk shipping company to file for bankruptcy. Lenders backing a $1.06 billion credit facility would convert their debt into about 81.1 percent of company's stock, according to a regulatory filing from Thursday. Investors who hold $125 million of Genco convertible debt would receive 8.4 percent of the company. The remaining equity would be allocated to those investors funding a $100 million rights offering…
Stena Sonangol Suezmax Pool Adds Eight Vessels
Stena Bulk of Sweden announced that a newly created fleet of seven modern Suezmax Tankers will join the Pool, immediately growing this premium Pool to 18 vessels. The new fleet is owned by Veritable Maritime Holdings and is under the control of recently formed Principal Maritime Management. Both Veritable and Principal are portfolio companies of the New York asset management firm Apollo Management L.P. The Suezmax vessels joining the pool in succession will be Princimar Truth (built 2007), Princimar Faith (built 2005), Princimar Joy (built 2010), Princimar Strength (built 2010), Princimar Perseverance (built 2010), Princimar Grace (built 2011) and Princimar Hope (built 2011).
Star Cruises Unit Sells $1b Stake to Apollo
Star Cruises Ltd unit NCL Corporation Ltd (NCL) is selling a 50 percent stake to a global private equity group, Apollo Management LP, for $1b. Star Cruises said the proceeds of the Apollo investment would be used to refinance existing NCL indebtedness, greatly increasing the liquidity available to fund a continuation of the dramatic new shipbuilding program. Under the agreement, Star Cruises and the New York-based Apollo — which manages more than $33b in funds — would each hold 50 percent of NCL. The transaction is expected to be completed early in the fourth quarter of 2007 and is subject to regulatory approval, Star Cruises’ shareholder approval, and Star Cruises and NCL lender consent. (Source:http://www.theedgedaily.com/)
