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January 30, 2013
08:34 EDTSHIPSeanergy Maritime unit sells interest in four subsidiaries
Seanergy Maritime Holdings announced that its wholly-owned subsidiary, Maritime Capital Shipping Limited, sold its 100% ownership interest in four subsidiaries. The four subsidiaries own the Handysize dry bulk carriers M/V Fiesta, M/V Pacific Fantasy, M/V Pacific Fighter and M/V Clipper Freeway. The buyer is a third-party nominee of the lenders under the senior secured credit facility with DVB Merchant Bank (Asia) Ltd., as agent. MCS had provided a guarantee under this facility. As of January 29, in exchange for the sale, approximately $30.3M of outstanding debt was discharged. In addition, the guarantee provided by MCS was fully released. In connection with the sale of the subsidiaries, the Company's Board of Directors obtained a fairness opinion from an independent third party. After giving effect to the transaction, the overall indebtedness of the Seanergy group of companies is reduced to approximately $177M.
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