Nordic Shipholding A/S
NORDIC SHIPHOLDING – UPDATE ON CASH POSITION AND BOARD OF DIRECTORS

Nordic Shipholding A/S 

13.12.2013 15:32

Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group
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The issuer is solely responsible for the content of this announcement.

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December 13, 2013

NORDIC SHIPHOLDING A/S

Company announcement no. 11/2013

NORDIC SHIPHOLDING - UPDATE ON CASH POSITION AND BOARD OF DIRECTORS

Since Nordic Shipholding A/S's (the 'Company') announcement of its interim
report for Q3 2013 on 28 November 2013, the Company's cash position has
deteriorated due to irregular payment under a pool, delayed insurance payment
relating to the Company's vessel Nordic Ruth and increased costs relating to
the ongoing restructuring, thus creating a need for further liquidity. Such
liquidity has been made available on an interim basis by the Company's lending
banks. The lending banks have granted a deferral on interest payments on the
Company's loan facilities. Further, with respect to the insurance payment
relating to Nordic Ruth, the Company has received information to the effect,
that the insurance payment may be reduced. 

The Company continues to work towards a completion of the conditional
restructuring agreement entered into on 22 November 2013 with Nordic Maritime
S.á.r.l., with the aim that such completion shall take effect before year-end.
To this end an extraordinary general meeting is held in the Company on 17
December 2013. In the Company's announcement no. 9/2013 from 22 November 2013,
it was mentioned that as part of the restructuring, the group's vessels will be
transferred to new 100% owned subsidiaries of the Company established in
Singapore. For practical purposes this transfer has been delayed and is now
expected to be effected in 2014. 

Erik Bartners, Mogens Buschard and Saravana Sivasankaran, all being current
members of the Company's board of directors, have informed the Company that
following a successful completion of the restructuring they expect to resign
their respective board positions in the Company. 

For further information, please contact:

Knud Pontoppidan, chairman of the board of directors, Nordic Shipholding A/S:
+45 3369 9083
News Source: NASDAQ OMX



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Language:     English
Company:      Nordic Shipholding A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0060083996
WKN:          
 
End of Announcement                             DGAP News-Service
 
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