Monday 9 January 2012

Covenants and Re-Financing Success for Seanergy


(NASDAQ:SHIP)

The Greek based, Marshall Islands registered and US traded ship owner has been in some difficulty with stock prices hitting $2.78, down from an impressive $10 in 2008. 




Troubles really mounted up when Citi ($222m loan) and Marfin Egnatia ($72m revolving and $165m term) loans went into covenant violation.

News today that both banks are waiving the covenants that were breached and basically refinancing the company will be well received, this is twinned with news that the Restis family (the main shareholders) will also be refinancing, by an injection of $10m USD should be well received. Seanergy has seen a 5% increase in share prices over the last month. 




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