Michael Zolotas, President and Chief Executive Officer of NewLead, stated: "The preliminary agreement with Lemissoler to convert debt to equity is another significant milestone in NewLead's restructuring process. Since July 2011, we have reduced NewLead's indebtedness by an aggregate of approximately $628.3 million." Michael Zolotas continued, "Following the successful completion of our restructuring efforts, which we anticipate will take place in the beginning of the fourth quarter of 2012, we expect that we will have reduced the amount of debt on our balance sheet to around $58.0 million." About NewLead Holdings Ltd. NewLead Holdings Ltd. is an international, vertically integrated shipping company that manages product tankers and dry bulk vessels. NewLead currently controls four vessels, two tankers and two dry bulk vessels. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new website at www.newleadholdings.com . Source: NewLead Holdings Ltd. press release |