Seanergy Maritime reaches restructuring agreement

Greece-based capesize vessel owner Seanergy Maritime Holdings Corp has reached agreements with its lenders for a financial restructuring worth $179m, which consists of four senior credit facilities.

Seanergy provides marine dry bulk transportation services. It has a fleet of 11 Capesize vessels with an average age of about 12 years. Its aggregate cargo- carrying capacity is about 1.9m dwt.

About $87m of debt maturities falling due in 2020 have been extended to deadlines of between December 2022 and December 2024.

The company’s lenders have also agreed to cancel or amend financial covenants and security maintenance provisions under the Senior Facilities, thus allowing for additional financial flexibility, including payment of dividends.

Chairman and CEO Stamatis Tsantanis said that “the agreed solutions provide Seanergy with a solid financial standing going forward, allowing us to pursue our strategy to enhance corporate value and pave the way to improved shareholder returns. Under the agreed restructuring, there are no imminent loan maturities or underlying defaults, our balance sheet has been de-levered through the extinguishment of debt and accrued interest and our future cash flow is expected to improve through reduced interest expense and debt amortization payments in the next years,”.

The lenders include Alpha Bank SA, Hamburg Commercial Bank AG, UniCredit Bank AG, Amsterdam Trade Bank, and Jelco Delta Holding Corp.