Britannia Bulk was ticker DWT on the NYSE.
It was a Goldman Sachs, Dahlman Rose, Banc of America Securities LLC and Oppenheimer IPO priced at $15/sh in June 2008. $120 Million was raised in the offering. They began by offering 8,333,333 shares and as of latest filing have a total of 26,979,503 shares outstanding.
Jim Cramer said this stock was a buy under $13 in late June
Total Outstanding Shares: 26,979,503 Par Value .01
They encountered serious financial problems because of the slowdown in bulk carrier transport and the fact that they hedged fuel costs forward by going long on oil contracts.
Britannia Bulk Holdings Inc. Provides Additional Financial Update
LONDON, Oct 29, 2008 (MARKET WIRE via COMTEX) -- Britannia Bulk Holdings Inc. (the "Company") (NYSE: DWT), an international provider of dry bulk shipping and maritime logistics services with a focus on transporting dry bulk commodities in and out of the Baltic region, today announced that, following the Company's press release of October 28, 2008, the lenders under the US $170.00 million term loan facility (the "Facility") of Britannia Bulk Plc, a wholly owned subsidiary of the Company (the "Borrower"), have provided notice to the Borrower of the acceleration of all of its obligations under the Facility and the set off of the Borrower's cash accounts on deposit with one of the lenders. The Company has guaranteed the Borrower's obligations under the Facility. The acceleration notice alleges that certain events of default under the Facility have occurred, including material adverse changes in the Borrower's financial condition, and demands immediate repayment of the loan, accrued interest thereon and other amounts due thereon, aggregating approximately US $158.7 million without taking into account the set off of the Borrower's cash accounts.
Following further discussion with the Company, the lenders have advised the Company that they are prepared, subject to certain conditions, to make funds available to ensure that the vessels securing the Facility continue to operate normally and meet their commitments. Such understanding is in the context of ongoing negotiations with the lenders regarding a sale of certain of the Company's assets, which, if consummated, is not expected to result in any return to the Company's common shareholders.
ABOUT BRITANNIA BULK HOLDINGS INC.
Britannia Bulk Holdings Inc. is an international provider of drybulk shipping and maritime logistics services with a focus on transporting drybulk commodities in and out of the Baltic region. The current owned fleet consists of 22 vessels, including 13 drybulk vessels, five of which are ice-class, five ocean going ice-class barges, and four ice-class tugs. The Company also charters-in additional vessels to increase its overall deadweight tonnage capacity and enhance its service to its customers. As at June 30, 2008, the number of chartered-in drybulk vessels under the Company's control was 53, 9 of which were ice-class.
Visit our website www.britbulk.net
Chief Financial Officer
Tel. +44 (0)20 7264 4900
Investor Relations / Media:
Capital Link, Inc.
Tel. (212) 661-7566
Oct. 31 Form 6-K
Britannia Bulk Holdings Inc Announces That Its Subsidiary Britannia Bulk Plc Has Been Placed Into Administration
LONDON, England, October 31, 2008 – Britannia Bulk Holdings Inc (the “Company”)(NYSE:DWT) hereby announces that its indirect wholly owned subsidiary, Britannia Bulk Plc, has been placed into administration under United Kingdom insolvency laws.
Britannia Bulk Plc is the borrower (the “Borrower”) under a US$170 million term loan facility with Lloyds TSB Bank Plc and Nordea Bank Denmark A/S (the “Facility”), which Facility is secured by twenty two vessels in the Borrower’s owned fleet. The Company guaranteed the Facility. As set forth in the Company’s press release of October 29, 2008, the lenders under the Facility provided notice to the Borrower of the acceleration of all of its obligations under the Facility and set off the Borrower’s cash accounts on deposit with one of the lenders.
The discussions that ensued with the lenders under the Facility regarding a sale of certain of the Borrower’s assets were ultimately unsuccessful. Accordingly, the board of directors of the Borrower resolved to place the Borrower into administration under the UK insolvency regime and, by filing a notice of appointment of administrators at the High Court in London earlier this afternoon, appointed partners of BDO Stoy Hayward in London to be the administrators of the Borrower.
With the Borrower in administration, the Company will not have access to cash to pay any obligations and expects that its common shares will have no value. As previously announced, on October 29, 2008, NYSE Regulation, Inc. informed the Company that it had determined that the Company’s common stock was no longer suitable for trading, a determination that the Company will not contest.