Seanergy Maritime Holdings Announces Sale of Subsidiaries in Full Satisfaction of Underlying Loan

rgy Maritime Holdings

announced today that its wholly-owned subsidiary, Maritime Capital Shipping Limited ("MCS"), sold its 100% ownership interest in four subsidiaries. The four subsidiaries own the Handysize dry bulk carriers M/V Fiesta, M/V Pacific Fantasy, M/V Pacific Fighter and M/V Clipper Freeway. The buyer is a third-party nominee of the lenders under the senior secured credit facility with DVB Merchant Bank (Asia) Ltd., as agent. MCS had provided a guarantee under this facility. As of January 29, 2013, in exchange for the sale, approximately $30.3 million of outstanding debt was discharged. In addition, the guarantee provided by MCS was fully released. In connection with the sale of the subsidiaries, the Company's Board of Directors obtained a fairness opinion from an independent third party. Following this transaction, the Company's fleet consists of eight dry bulk carriers (two Panamax, two Supramax, and four Handysize vessels) with a total carrying capacity of approximately 350,367 dwt and the average age is reduced to 13.2 years, from 13.9 years previously. After giving effect to the transaction, the overall indebtedness of the Seanergy group of companies is reduced to approximately $177 million. Stamatis Tsantanis, the Company's Chief Executive Officer, stated: "This transaction represents another important milestone in the Company's restructuring process. Following the sale of these four subsidiaries, our overall indebtedness is further reduced by approximately $30.3 million, which is another important step towards a sustainable capital structure for our Company." 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. Following the transaction, the Company's fleet consists of eight dry bulk carriers (two Panamax, two Supramax, and four Handysize vessels) with a total carrying capacity of approximately 350,367 dwt and an average fleet age of 13.2 years. The Company's common stock trades on the NASDAQ Capital Market under the symbol "SHIP."