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
Date of Report (Date of Earliest Event Reported)
December 10, 2015
INTERNATIONAL SHIPHOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Commission file number – 001-10852
Delaware |
|
36-2989662 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification Number) |
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 8.01Other Events.
On December 10, 2015, International Shipholding Corporation issued a press release providing an update on the implementation of its Strategic Plan, which the Company announced on November 16, 2015. A copy of the press release is filed as Exhibit 99.1 to this report.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
The exhibit to this Current Report is listed in the Exhibit Index, which appears at the end of this report and is incorporated by reference herein.
SIGNATURES
Pursuant to the requirements of the Securities 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
By:/s/ Manuel G. Estrada
Manuel G. Estrada
Vice President and Chief Financial Officer
Date:December 11, 2015
Exhibit Index
Exhibit No. |
Description |
99.1 |
Press Release dated December 10, 2015. |
INTERNATIONAL SHIPHOLDING CORPORATION PROVIDES UPDATE ON IMPLEMENTATION OF STRATEGIC PLAN
Mobile, Alabama, December 10, 2015 – International Shipholding Corporation (NYSE: ISH) (the “Company” or “ISH”) today provided an update on the implementation of its Strategic Plan. As announced on November 16, 2015, the Company has adopted a Strategic Plan to streamline the Company principally by focusing on its three core segments: the Jones Act, Pure Car Truck Carriers (“PCTC”), and Rail Ferry. As the Company continues to implement its Strategic Plan, it intends to periodically provide the market with an update on its progress.
" |
The Company has executed a Memorandum of Agreement and Buyers have lodged the required deposit for the sale of the international-flag PCTC Glovis Countess. Delivery of the vessel is scheduled to be completed by December 31, 2015. Excess cash after debt payoff of approximately $16 million will be maintained by the Company for general corporate purposes. |
" |
The Company has executed several Memoranda of Agreement for the sale of its 2 handysize vessels and 1 capesize vessel, for approximately $30 million. Deliveries of the vessels are scheduled to be completed prior to January 31, 2016. All net proceeds from the sale of these vessels will be used to pay down outstanding debt. |
" |
The Company is in discussions on the sale of its supramax vessel and its railcar service facility (FSI) in Mobile, AL. All net proceeds from the sales will be used to pay down outstanding debt. |
Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “As we continue to streamline International Shipholding, we are focused on completing the implementation of our Strategic Plan in an expeditious, but orderly, manner. We continue to market all of the remaining assets to be divested pursuant to our Strategic Plan, and we will provide further periodic updates as we continue to make progress towards our March 31, 2016 target for full implementation.
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
Bryan Degnan
(646) 673-9701
bdegnan@igbir.com
Leon Berman
(212) 477-8438
lberman@igbir.com
International Shipholding Corporation
Niels M. Johnsen, Chairman (212) 943-4141
Erik L. Johnsen, President (251) 243-9221
Manny Estrada, V. P. and CFO (251) 243-9082
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