(NASDAQ:SHIP) Shoots Up Following Third Quarter Results And Completion Of Restructuring Plan
Boston, MA 02/20/2014 (wallstreetpr) - Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) announced Wednesday that it has reached to a definitive delivery and settlement deal with its last lender to loosen its last credit facility. Under the settled agreement, Seanergy will sell its four bulk carriers, namely ‘M/V Hamburg Max’, ‘M/V Bremen Max’, ‘M/VDavakis G’ and ‘M/V Delos Ranger’to the specified nominee of the lender towards full repayment of the underlying loan. Upon closure of the deal, the company will be discharged of nearly $145 million of its outstanding debt along with accrued interest, thereby releasing its guarantee.
Comes Out Of Debt
With the completion of the transaction, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) will complete its restructuring plan as its overall indebtedness will come to an end. The transaction is subject to the customary closing process which is anticipated to complete by the close of the first quarter. In addition to this, the company also made an important statement that it has received approval from Nasdaq Hearings Panel to continue to remain listed on the Nasdaq stock market till the closing of trading session on April 28, 2014, so as to provide it the required room to become compliant with the Nasdaq $2.5 million minimum shareholders’ equity requirement.Aditionally, the company is gauging suitable options to come over the deficiency and fulfill the Nasdaq’s compliance requirement.
Reports Third Quarter Results
Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) reported its third quarterly as well as nine months ended on Sept. 30' 2014 results today. For the third quarter, its earnings per share stood at $1.43 per share and revenues declined 63% year-over-year to $4.3 million, resulted due to the operation of a smaller fleet than in the year earlier. For the period of nine months, its net revenue stood at $16.7 million and net income was reported at $3.4 million.
During the earnings call, the company’s CEO StamatisTsantanis said that amid challenging market conditions and after endless efforts of undertaking restructuring plan since the year 2012, it has finally come to its completion as the company is able to discharge $346 million outstanding debt and succeed in transforming its balance sheet. Further, in relation to NASDAQ listing, Tsantanis projected hope that it will be able to meet the NASDAQ’s standard listing requirement and will be able to continue to list thereafter, helping the company to grow.
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