DUBLIN, IRELAND--(Marketwire - October 1, 2010) - TBS International plc (
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 third quarter has caused the Company and our lenders to consider the desirability of stretching out the scheduled amortization of principal under our various financing facilities. This 45-day forbearance agreement provides us all with the time we need to revise the existing amortization schedules in our various agreements."
Ferdinand V. Lepere, Executive Vice President and Chief Financial Officer, commented: "TBS remains in a 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 45-day period, we will continue to operate our business as usual, to pay all of our vendors and to pay interest on our debt. We are confident that with the amendments we are discussing with our lenders we will continue to pay all of our lenders, vendors and other creditors in full."
Conference call:
The Company's management will host a conference call to discuss these developments at 11:00 a.m. EDT on Friday, October 1, 2010.
Conference call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-866-202-3048 (from the US) or 1-617-213-8843 (International Dial In). Participant Passcode: 12690726.
Replay: A telephonic replay of the conference call will be available from 2:00 p.m. EDT on Friday, October 1, 2010 until Friday, October 8, 2010 by dialing 1-888-286-8010 (from the US) or 1-617-801-6888 (International Dial In). Access Code: 95474127. A replay of the webcast will be available soon after the completion of the call.
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 is a fully-integrated transportation service company that provides worldwide shipping solutions to a diverse client base of industrial shippers. Through the TBS Five Star Service consisting of ocean transportation, operations, logistics, port services, and strategic planning, TBS offers total project coordination and door-to-door supply chain management. The TBS shipping network operates liner, parcel and dry bulk services, supported by a fleet of multipurpose tweendeckers and handysize and handymax bulk carriers, including specialized heavy-lift vessels and newbuild tonnage. TBS has developed its business 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 Limited
Tel. 914-961-1000
InvestorRequest@tbsship.com