NewLead Holdings (NEWL) to Reduce $81.2M of Indebtedness to Lemissoler Maritime Via 174M Common Exchange
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NewLead Holdings Ltd. (Nasdaq: NEWL) announced that the Company reached a preliminary agreement with Lemissoler Maritime Company W.L.L. ("Lemissoler") regarding the termination of the sale and leaseback of the four dry bulk vessels previously redelivered to Lemissoler. Under this agreement, Lemissoler will unconditionally release NewLead from all obligations in exchange for 174.0 million shares of NewLead's common stock. It is anticipated that this will result in a reduction of $81.2 million of indebtedness from NewLead's consolidated balance sheets. This agreement is subject to customary closing conditions.
Upon the completion of this transaction, it is expected that NewLead will have a total of 482,252,385 shares of common stock outstanding and four vessels under its control.
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Upon the completion of this transaction, it is expected that NewLead will have a total of 482,252,385 shares of common stock outstanding and four vessels under its control.
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