SOURCE: Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp.

May 20, 2013 09:20 ET

Seanergy Maritime Holdings Corp. Announces Agreement to Sell Three Subsidiaries in Full Satisfaction of Underlying Loan

ATHENS, GREECE--(Marketwired - May 20, 2013) - Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today that its wholly-owned subsidiary, Maritime Capital Shipping Limited ("MCS"), entered into a term sheet with its sole lender for the sale of a 100% ownership interest in three of MCS's vessel-owning subsidiaries to a nominee of the lender, in exchange for a nominal cash consideration and full satisfaction of the underlying loan. MCS provides a guarantee under this loan agreement. The three subsidiaries own the Handysize dry bulk carriers M/V Asian Grace, M/V African Glory and M/V African Joy.

Upon the closing of the transaction, approximately $39 million of outstanding debt will be discharged and the guarantee provided by MCS will be fully released.

After giving effect to the transaction, the overall indebtedness of the Seanergy group of companies will be reduced to approximately $135 million.

The sale is subject to final documentation and is expected to close by May 31, 2013.

Stamatis Tsantanis, the Company's Chief Executive Officer, stated: "The agreement with the sole lender of MCS is another important step towards the successful restructuring of our outstanding debt. Since the beginning of 2012 and subject to the closing of this transaction, we will have reduced our indebtedness by approximately 61% to $135 million through agreements with four out of our five lenders. We continue discussions with our remaining lender, aiming to reach a solution that will enable Seanergy to complete the restructuring of its outstanding debt."

About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.

As of today, the Company's fleet consists of 7 drybulk carriers (two Panamax, two Supramax, and three Handysize vessels) with a total carrying capacity of approximately 326,255 dwt and an average fleet age of 13.5 years.

The Company's common stock trades on the NASDAQ Capital Market under the symbol "SHIP."

Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of Securities and Exchange Commission ("SEC") and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC. The Company's filings can be obtained free of charge on the SEC's website at The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information

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