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Seanergy seals $179m financial restructuring

Greek capesize owner Seanergy Maritime Holdings has reached final agreements with key lenders for the financial restructuring of a total of $179m.

Around $87m of debt maturities due in 2020 have been extended to between December 2022 and December 2024, giving Seanergy two years breathing space. Additionally, Seanergy has managed to reschedule the amortization payments under some of its senior facilities, reduced the interest rate across junior loans and notes, and its lenders have agreed to cancel or amend certain financial covenants and security maintenance provisions under the senior facilities.

Stamatis Tsantanis, chairman and CEO of Seanergy, commented: “We are very pleased to announce the successful conclusion of the restructuring discussions with certain of our lenders. The discussions extended since the first quarter of 2020 and were finally concluded in an amicable manner. 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.”

Glyfada headquartered Seanergy owns a fleet of 11 capesize bulkers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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