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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tbs International (MM) | NASDAQ:TBSI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.105 | 0 | 01:00:00 |
Joseph E. Royce, Chairman, Chief Executive Officer and President, commented: "The continued weakness in the Baltic Dry Index, or BDI, the industry indicator for spot dry bulk freight rates, during the past 12 months has caused the Company and our lenders to consider the desirability of restructuring our various financing facilities. This forbearance agreement provides us with the time we need to restructure our various agreements."
Ferdinand V. Lepere, Senior Executive Vice President and Chief Financial Officer, commented: "TBS remains in solid financial condition, but has concluded that it is prudent to conserve cash by extending the amortization periods for our various financing facilities. During this negotiation period, we will continue to operate our business as usual, to pay all of our vendors and to pay the stated interest on our debt. We are confident that with the restructuring that we are discussing with our lenders we will continue to pay all of our lenders, vendors and other creditors in full."
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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1 Month Tbs International (MM) Chart |
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