NewLead Holdings Limited, a company of international maritime transport ownership and operation of tankers, dry bulk, announced today that on August 12, 2011, World's first commercial ("FBB") and NewLead entered into an agreement for the sale of two ships, and prosperity and Newlead and Newlead Spartounta.
In accordance with the terms of the sale agreement and will cooperate with FBB to proceed with the immediate sale Spartounta Newlead no later than September 13, 2011 and the sale at auction prosperity Newlead sale or judicial. On the other hand of the said Convention, has agreed FBB to cancel the guarantees of the companies that NewLead of their debts and commitments as the share of these loans two until the completion of these sales, while the share of guarantees and commitments to be unconditionally released and finally canceled.
As a result of difficult market conditions for long periods, has entered into discussions with NewLead its lenders to develop the interim plan that would improve the liquidity and operational flexibility while developing a capital structure sustainable. has appointed the company Moelis & Company and Fried, Frank, Harris, Shriver End Jacobson advisers to to assist in this process. The company is seeking concessions from its lenders for the various restrictive covenants, and agreement that they will not refrain from the exercise of remedies under the arrangements for its own debt.
Although the company is optimistic that it will be to reach an agreement with its creditors to waive short-term default under the terms of the restructuring of the company's debts, can be no assurances that will be the completion of these agreements.
Michael lot with, President, Chief Executive Officer and Chief Financial Officer the temporary NewLead saying, "While we are facing market conditions are very difficult, and we are committed to continuing to work with lenders to our other trading partners to develop a capital structure that will ensure the sustainability of long-term prospects for NewLead".
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