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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 |
As part of the amendments, Messrs. Joe Royce, the Company's President and Chief Executive Officer and the Chairman of the Board, Gregg McNelis, the Company's Senior Executive Vice President and Chief Operating Officer, and Larry Blatte, the Company's Senior Executive Vice President, have committed to purchase a pro rata share of up to $10 million of a new series of preference shares. The Company intends to file a registration statement in the near future with the Securities and Exchange Commission under which it will conduct a rights offering that will enable all holders of the Company's ordinary shares at the close of business on the record date for the rights offering, who desire to purchase similar preference shares to make such purchases on the same terms and conditions. You must be a holder of ordinary shares on the record date, which the Company expects will be Monday, February 7, 2011, in order to participate in the rights offering.
Ferdinand Lepere, Senior Executive Vice President and Chief Financial Officer commented, "I am very pleased that we were able to reach a consensus with 100% of our two dozen banks, spanning seven different loan facilities. I would like to thank our lenders and all of the professionals who worked tirelessly to achieve this restructuring. I believe TBS is now in a position to navigate the challenging global shipping market confronting us."
The Company currently expects to be in compliance with all financial covenants and other terms of the amended Credit Facilities through maturity. As a result of the amendments to the Credit Facilities, the Company intends to classify the long-term portion of the Company's outstanding debt at December 31, 2010 as long-term debt in its consolidated balance sheet, thus remediating the uncertainty regarding TBS's ability to fulfill its financial commitments as they become due, which uncertainty was the condition that raised substantial doubt about TBS's ability to continue as a going concern.
This announcement shall not constitute an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which the offer, solicitation or sale of securities would be unlawful. Any public offering of securities in the rights offering will be made by means of a prospectus that may be obtained from the Company and will contain detailed information about the Company and the offering.
For additional details, please refer to TBS's Form 8-K to be filed with the Securities and Exchange Commission.
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. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following:
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: 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. 1-212-661-7566 E-mail: tbs@capitallink.com
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1 Month Tbs International (MM) Chart |
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