FreeSeas Inc fka FREEF

[pentester101]

FreeSeas Announces Assignment of the Debt Purchase and Settlement Agreement

Mr. Ion G. Varouxakis, Chairman, President and Chief Executive Officer of the Company made the following comments: "We are pleased to enter into the Assignment, which will remove, immediately upon appropriate court approval, approximately $30 million of debt from our balance sheet. Since our last announcement on July 5, 2013, we have completed our last trade debt swap into equity of about $5.8 million and our equity line. Based on our improved capital structure and debt free vessels, we will now be able to expedite our plans to pursue opportunities for growth, instead of waiting months for Deutsche Bank to be repaid, capitalizing on the current low market values for vessels and improved shipping market conditions. We have greatly appreciated Magna Group's contribution, who was instrumental in structuring and executing a series of transactions including the Settlement Agreement, optimally positioning us in the market."

http://www.globenewswire.com/news-release/2013/09/26/576099/10050084/en/FreeSeas-Announces-Assignment-of-the-Debt-Purchase-and-Settlement-Agreement.html