As previously announced, NewLead had signed an agreement with Lemissoler for the sale and leaseback of the four aforementioned vessels in November 2010.
NewLead has reached a non-binding preliminary agreement with Lemissoler, which remains subject to the completion of legally binding documentation to finalize the outstanding issues with regards to the termination of the sale and leaseback transaction by the owners, including the settlement of the trade payables and other liabilities in relation to these four vessels. There can be no assurance, however, that a successful resolution can be reached with Lemissoler and the vessel owning companies.
Michael Zolotas, President and Chief Executive Officer of NewLead, stated, “We would like to thank Lemissoler for their excellent cooperation in the context of the sale and leaseback agreement and the restructuring process. We are looking forward to enhancing our established business relationship for the mutual benefit of both companies.”