DUBLIN, IRELAND--(Marketwire - Dec 2, 2011) - TBS International plc (
During the extended forbearance period, the lenders will forbear from exercising their rights and remedies which arise from the Company's failure to make interest and principal payments when due and any failure to comply with certain of its financial covenants, and the Company and its lenders expect to finalize agreements with respect to the Company's financial obligations and ongoing defaults under its various financing facilities.
Joseph E. Royce, Chairman, Chief Executive Officer and President, commented: "We are pleased to have reached these agreements in principle because we believe it will ensure continued, uninterrupted operation of the Company's fleet and the Company's continued ability to meet its customers' needs on a timely and efficient 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
Contact Information:
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