Bloomberg News

NewLead Cuts Debt by $159 Million With Completion of Ship Sale

March 12, 2012

NewLead Holdings Ltd. (NEWL), which operates a fleet of oil-product tankers and dry-bulk commodity ships, reduced its debt by $159 million with the completion of the sale of five vessels.

Four product tankers were sold for $147.9 million, the Piraeus, Greece-based company said today in a statement. A dry- bulk vessel, the Newlead Esmeralda, was sold for $12 million, with $11.1 million applied to lowering debt, it said. All the ships were sold as part of a reorganization plan, Chief Executive Officer Michael Zolotas said in the statement.

To contact the reporter on this story: Rob Sheridan in London at rsheridan6@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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