TBS International Reaches Agreement With Banks on Payment Deferral
2011年9月8日 - 6:00AM
Marketwired
TBS International plc (NASDAQ: TBSI) announced today that, with the
agreement of the requisite lenders under its various financing
facilities, it is not making certain principal payments due on its
financing facilities for the period from September 30, 2011 through
December 15, 2011. The Company's lender groups will forbear during
this period from exercising their rights and remedies which arise
from the Company's failure to make principal payments when due and
any failure to comply with certain of its financial covenants.
During this forbearance period, the Company and its various lender
groups will negotiate amendments to restructure the Company's
various financing facilities and cure any existing defaults. The
Company intends to pay only the stated interest on its financing
facilities during the forbearance period and will accrue any
applicable default interest.
Joseph E. Royce, Chairman, Chief Executive Officer and
President, commented: "The continued weakness in the Baltic Dry
Index, or BDI, the industry indicator for spot dry bulk freight
rates, during the past 12 months has caused the Company and our
lenders to consider the desirability of restructuring our various
financing facilities. This forbearance agreement provides us with
the time we need to restructure our various agreements."
Ferdinand V. Lepere, Senior Executive Vice President and Chief
Financial Officer, commented: "TBS remains in solid financial
condition, but has concluded that it is prudent to conserve cash by
extending the amortization periods for our various financing
facilities. During this negotiation period, we will continue to
operate our business as usual, to pay all of our vendors and to pay
the stated interest on our debt. We are confident that with the
restructuring that we are discussing with our lenders we will
continue to pay all of our lenders, vendors and other creditors in
full."
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.
We refer you to our filings with the Securities and Exchange
Commission, in particular our quarterly report on Form 10-Q and our
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 our website at
www.tbsship.com
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
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