0000278041-12-000016.txt : 20120314 0000278041-12-000016.hdr.sgml : 20120314 20120314172724 ACCESSION NUMBER: 0000278041-12-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120313 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120314 DATE AS OF CHANGE: 20120314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL SHIPHOLDING CORP CENTRAL INDEX KEY: 0000278041 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 362989662 STATE OF INCORPORATION: DE FISCAL YEAR END: 1028 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10852 FILM NUMBER: 12691198 BUSINESS ADDRESS: STREET 1: 11 NORTH WATER STREET STREET 2: SUITE # 18290 CITY: MOBILE STATE: AL ZIP: 36602 BUSINESS PHONE: 2512439100 MAIL ADDRESS: STREET 1: P.O. BOX 2004 CITY: MOBILE STATE: AL ZIP: 36652 8-K 1 form8k31312.htm FORM 8-K - MARCH 13, 2012 form8k31312.htm


UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


March 13, 2012
Date of Report (Date of Earliest Event Reported)


Commission file number  –  001-10852


INTERNATIONAL SHIPHOLDING CORPORATION
(Exact name of registrant as specified in its charter)


  Delaware                                                                  36-2989662                               
(State or other jurisdiction of                                                        (I.R.S. Employer Identification Number)
                             incorporation or organization)


11 North Water Street, Suite 18290                                                                Mobile, Alabama                                                           36602 
                  (Address of principal executive offices)                              (Zip Code)


       (251) 243-9100                                                                           
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [ ]  Written communications pursuant to Rule 425 under the Securities Act
 [ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
 [ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 [ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
 
 

 
 

 

Item 1.01.    Entry into a Material Definitive Agreement

As described in the press release included as Exhibit 99.1 in this filing, International Shipholding Corporation (the “Company”), through its wholly owned subsidiary LCI Shipholdings, Inc., entered into a firm offer on January 26, 2012 with Norwegian Car Carriers ASA for the sale of two of its International Flag Pure Car Truck Carriers. This agreement was subject to several conditions to closing, the last of which, NOCC shareholder approval, was completed on March 13, 2012. The Company expects to generate proceeds of approximately $73.9 million and generate a gain of approximately $3.5 million.  Proceeds will be used to pay down debt of approximately $35 million collateralized by these vessels and will strengthen the Company’s position to pursue accretive growth opportunities.  The transaction is expected to close by the end of March 2012.

 
 
Item 9.01.    Financial Statements and Exhibits.

(c)  
Exhibit
 
Exhibit Number           Document
99.1  
Press Release dated March 14, 2012






 
 


SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

INTERNATIONAL SHIPHOLDING CORPORATION

/s/ Manuel G. Estrada
_____________________________________________
Manuel G. Estrada
Vice President and Chief Financial Officer


Date   March 14, 2012

EX-99.1 2 exhibit991pressrel31412.htm EXHIBIT 99.1 - PRESS RELEASE MARCH 14, 2012 exhibit991pressrel31412.htm

Exhibit 99.1


INTERNATIONAL SHIPHOLDING ANNOUNCES AGREEMENT
TO SELL TWO PURE CAR TRUCK CARRIERS


Mobile, Alabama, March 14, 2012 – International Shipholding Corporation (NYSE: ISH) announced today that it has entered into an agreement with Norwegian Car Carriers ASA for the sale of two of its International Flag Pure Car Truck Carriers. The transaction is scheduled to close by the end of the first quarter and will generate proceeds of approximately $73.9 million. This transaction will realize a reportable gain of about $3.5 million in the first quarter. Proceeds will be used to pay down debt of approximately $35 million collateralized by these vessels and will strengthen ISH’s position to pursue accretive growth opportunities. DnB NOR Markets, Inc. acted as exclusive advisor to the Company.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “We are pleased to realize a profit from this transaction. The sale of these two vessels provides us with liquidity to pay down debt as we seek further accretive opportunities to grow our operating fleet.”


About International Shipholding Corporation
International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.

For more information about the company, please visit www.intship.com.


Contact:

The IGB Group
David Burke
(646) 673-9701
dburke@igbir.com
Leon Berman
(212) 477-8438
lberman@igbir.com

International Shipholding
Niels M. Johnsen, Chairman (212) 943-4141
Erik L. Johnsen, President (251) 243-9221