Seanergy Maritime Sells Bulk Energy Transport (Greece)

Seanergy Maritime Holdings announced yesterday that it has entered into a Share Purchase Agreement to sell the 100% ownership interest in Bulk Energy Transport (Holdings) Limited (“BET”) for a nominal cash consideration.

The Buyer, I.M.I. Holdings Corp., is an affiliate controlled by members of the Restis family, the Company’s major shareholders. The sale has been approved in principle by the majority lenders of the BET syndicate and their agreement is conditional on and subject to final documentation satisfactory to them.

On the date of the agreement BET owned a fleet of two Capesize dry bulk carrier vessels with a cargo-carrying capacity of 313,061 dwt and an average fleet age of approximately 19.3 years.

The sale of the subisidiary which is expected to close in the 4th quarter of 2012 is part of Seanergy’s overall financial restructuring plan. Following the completion of the sale, the overall indebtedness of companies within the Seanergy group will be reduced by approximately $46.7 million.

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Seanergy Maritime Holdings, November 20, 2012