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Profit for struggling Seanergy

As restructuring talks continue, Seanergy Maritime Holdings announced a return to profit in the first quarter of 2013 with a net income of $1.1m.

Net revenues at the company fell to $5.6m from $17.4m in the same period of 2012 as operating days fell 57% due to vessel sales.

Outstanding debt at the company has fallen to $176.9m from $346.4m in January 2012 through deals with three out of five creditors; since January 2012 the company has sold or disposed of 13 vessels.

Seanergy recently entered an agreement with its fourth creditor to sell three more vessel owning subsidiaries, which will further shrink its debt to $135m. The company remains in default on certain covenants and is seeking waivers for those defaults as well as an agreement with its fifth lender to wrap up its restructuring.

"Proceeds from the sale of remaining vessels are expected to be insufficient to fully repay the related debt and, therefore, it is likely that the Company will continue to have significant debt unless it enters into satisfactory arrangements with its lenders for the discharge of all such obligations," the company said in its earnings release.

"We are confident that we should be able to restructure the outstanding indebtedness and we aim to reach a mutually acceptable solution that will enhance our balance sheet and stabilise the company's financial position and also provide a viable solution to our shareholders," added Seanergy ceo Stamatis Tsantanis.

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