DUBLIN, IRELAND--(Marketwire - Dec 20, 2011) - TBS International plc (
Joseph Royce, the Chief Executive Officer of TBS, remarked that "TBS is extremely pleased to have agreed these terms with our various creditor groups. These terms will permit us to reduce our outstanding indebtedness by almost 50%, significantly reduce our ongoing payments of principal and interest, refresh our fleet with modern tweendeckers and bulk carriers and continue to serve our customers around the globe."
Forward-Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Such statements are just predictions and involve risks and uncertainties such that actual results may differ materially.
TBS refers you to its filings with the Securities and Exchange Commission, in particular its quarterly report on Form 10-Q and its annual report on Form 10-K. These documents contain and identify important factors that could cause the actual results to differ materially from those expressed in these forward-looking statements.
About TBS International plc
TBS provides worldwide shipping solutions to a diverse client base of industrial shippers through its Five Star Service: ocean transportation, projects, operations, port services and strategic planning. The TBS shipping network operates liner, parcel and dry bulk services, supported by a fleet of multipurpose tweendeckers and handysize/handymax bulk carriers, including specialized heavy-lift vessels and newbuild tonnage. TBS has developed its franchise around key trade routes between Latin America and China, Japan and South Korea, as well as select ports in North America, Africa, the Caribbean and the Middle East. Visit the TBS website at www.tbsship.com
Contact Information:
For more information, please contact:
Company Contact:
Ferdinand V. Lepere
Senior Executive Vice President and Chief Financial Officer
TBS International plc
Tel. 914-961-1000
InvestorRequest@tbsship.com
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. New York
Tel. 212-661-7566
E-mail: tbs@capitallink.com