TBS International Continues Discussions With Its Bankers
17 Noviembre 2011 - 3:01PM
Marketwired
TBS International plc (NASDAQ: TBSI) announced today that it is
continuing its discussions with its consortium of bankers to
restructure its bank debt and alleviate some of the pressure on its
cash flow. The discussions continue to focus on reaching agreements
with all of the Company's different lending syndicates.
While our discussions with our lenders have not reached the
stage where the terms of a restructuring have been fully agreed
upon, we are continuing to meet all of our obligations to our
vendors, shippers and consignees even though our lenders have made
it clear that they would not agree to a restructuring in which any
value were attributed to our common equity.
Although we cannot assure you that agreement will be reached,
negotiations continue to take a positive tone. We have a
forbearance in place through December 15, 2011 and are exploring
the possibilities for an extension thereof to allow the Company and
its bankers to continue negotiating a more permanent solution.
During this period we want to remind all of our customers,
vendors and business partners that our business continues as usual
with all vendors being paid in the normal course on a timely
basis.
Forward-Looking Statements "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations. Such
statements are just predictions and involve risks and uncertainties
such that actual results may differ materially.
We refer you to our filings with the Securities and Exchange
Commission, in particular our quarterly report on Form 10-Q and our
annual report on Form 10-K. These documents contain and identify
important factors that could cause the actual results to differ
materially from those expressed in these forward-looking
statements.
About TBS International plc
TBS provides worldwide shipping solutions to a diverse client
base of industrial shippers through its Five Star Service: ocean
transportation, projects, operations, port services and strategic
planning. The TBS shipping network operates liner, parcel and dry
bulk services, supported by a fleet of multipurpose tweendeckers
and handysize/handymax bulk carriers, including specialized
heavy-lift vessels and newbuild tonnage. TBS has developed its
franchise around key trade routes between Latin America and China,
Japan and South Korea, as well as select ports in North America,
Africa, the Caribbean and the Middle East. Visit our website at
www.tbsship.com
For more information, please contact: Company Contact: Ferdinand
V. Lepere Senior Executive Vice President and Chief Financial
Officer TBS International plc Tel. 914-961-1000
InvestorRequest@tbsship.com Investor Relations / Media: Nicolas
Bornozis Capital Link, Inc. New York Tel. 212-661-7566 E-mail:
tbs@capitallink.com
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