Box Ships Inc (TEUFF)

[ivfk]

Here is a recent press release from Allseas Marine:

http://www.tradewindsnews.com/drycargo/1323103/bodouroglous-allseas-shrinks-fleet-further

According to this press release, Allseas Marine sold 3 ex Box Ship assets for 42.8 Million

1) Maule for 20 Million
2) Box Voyager for 11.4 Million
3) Box Trader for 11.4

What I like to understand is the following: All three ships used to be on Box Ship's Balance sheet but the original loan for all 3 ships was over 100 Million dollars. At the end of 2015 the outstanding loan for the 3 ships was $60.5 Million. I understand that the debt was wiped out on all 3 ships were transferred off the balance sheet . It looks like Allseas must have taken over the asset, but what happened to the liability? Did Allseas sell these ship to pay off the liability to the lender? Or did Allseas actually profit $42.8 Million in this transaction? Also, what about Forgiveness of Debt taxes? Does Box ship owe taxes on the forgiven debt? In the US you would.