Louis subsidiary reaches deal on Aegean

Louis plc (LUI) announces that its subsidiary Progress has reached an agreement for the arrangement of the issue that emerged with the purchase of Aegean I in 2005.

According to the arrangement, Progress received an amount of USD 1.77mln and has agreed to withdraw all legal charges and claims against ‘Dolphin Hellenic Shipping S.A’ and ‘Rivermont Shipping and Trading Inc’.  The counterclaims against Progress have been withdrawn as well.

The decision of Louis plc and its subsidiary Progress to accept the proposal for the arrangement of the issue was taken after a thorough analysis and estimate of all data. The companies took into account the age and condition of the ship as well as the fact that its purchase is no longer in line with the Company’s strategy for the renewal of the fleet and the purchase of ships that have lower cost per passenger.
It is reminded that Progress had submitted a payment in advance of EUR500,000 for the purchase of the ship. Taking into account the lawyers’ and other expenses, the net profit for Louis plc is EUR600,000, according to company estimates.