B+H Ocean Carriers, Ltd. Announces Completion Of Loan Amendments; Sale of Vessel.
20 2월 2010 - 7:08AM
Business Wire
B+H Ocean Carriers Ltd. (NYSE AMEX: BHO) announced
today that, effective February 11, 2010, it completed the
restructuring of two of its loans, and also announced completion of
the planned sale of its vessel M/V Sachem for $10.675 million.
The amendment to one of the loans, secured by five vessels,
provides for deferral of a $5.1 million loan payment due in
December 2009, which will now become due at the maturity of the
loan in December 2011, and a $2.55 million loan payment due in
March 2010, which will now become due in six equal quarterly
installments, the first in June 2010.
The Company also announced that it completed the refinancing of
the $3.9 million balance of a loan remaining after the sale in 2009
of four product tankers that secured such loan. The refinanced loan
will be due in December 2011 and is secured by a second mortgage on
the five vessels securing the other restructured loan. In addition
each loan amendment provided for revised financial covenants. The
Company said that similar revised financial covenants were also
incorporated into another loan, with a balance of $1.5 million,
which will be retired in September, 2010.
The Company added that on January 15, 2009, it completed the
previously announced sale of M/V SACHEM for $10.675 Million,
through a wholly-owned subsidiary. The sale of this vessel resulted
in an impairment charge in fourth quarter 2009 of approximately $18
million.
Michael S. Hudner, CEO of the Company, commented: “These
amendments relieve certain of the technical breaches of covenants
and, with the sale of the Sachem, will provide more financial
flexibility.”
Safe Harbor Statement
Certain statements contained in this press release, including,
without limitation, statements containing the words “believes,”
“anticipates,” “expects,” “intends,” and words of similar import,
constitute “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995 or by the Securities and
Exchange Commission in its rules, regulations and releases,
regarding the Company’s financial and business prospects. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, those set
forth in the Company’s Annual Report and filings with the
Securities and Exchange Commission. Given these uncertainties,
undue reliance should not be placed on such forward-looking
statements. The Company disclaims any obligation to update any such
factors or to publicly announce the result of any revisions to any
of the forward-looking statements contained or incorporation by
reference herein to reflect future events or developments.
B H Ocean Carrier (AMEX:BHO)
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B H Ocean Carrier (AMEX:BHO)
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