NewLead (NEWL) Completes Sale of Four LR1 Tankers, One Panamax Vessel

March 12, 2012 8:39 AM EDT Send to a Friend
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NewLead Holdings Ltd. (Nasdaq: NEWL) announced the completion of the sale of the four LR1 product tankers and one Panamax dry bulk vessel, the 1990-built "Newlead Esmeralda". The sale of these vessels was conducted as part of the Company's overall financial restructuring plan.

Following the successful completion of sale of the five vessels, the net sales proceeds have been applied in full satisfaction of all liabilities under the governing loan agreements. NewLead's overall indebtedness decreased by an aggregate of approximately $159.0 million after these sales, of which a decrease of $147.9 million resulted from the sale of the four LR1 product tankers and a decrease of $11.1 million resulted from the sale of the "Newlead Esmeralda" for total sale proceeds of $12.0 million out of which $0.9 million will be used to satisfy a substantial part of the vessel's trade debt.


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