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Exhibit 99.1
THE HOLT GROUP CONTINUES DEBT RESTRUCTURING INITIATIVE BY ELECTING TO
DEFER INTEREST PAYMENT ON SENIOR UNSECURED NOTES.
GLOUCESTER, January 16 - The Holt Group, Inc. today announced that it has
entered into discussions with its bondholders to significantly reduce the
Company's debt position. As part of this process the Company has elected to
defer the January 15, 2001 interest payment due on its $140 million 9.75% Senior
Unsecured Notes due 2006. This action on the part of the Holt Group is
consistent with the Holt Group's previously stated intention of implementing a
consensual restructuring of its debt, which will enhance the Company's shipping,
warehousing, and stevedoring operations and improve its overall profitability.
The Company said that it is taking advantage of the grace period permitted under
the indenture. During this time, the Company will continue negotiations
regarding its financial restructuring with the steering committee of the
bondholders representing a majority of the principal amount due under the of the
Senior Unsecured Notes.
"The Holt Group continues to work with its advisors to explore all available
alternatives with respect to the financial restructuring of the Company," said
Chief Financial Officer William J. Streich. Mr. Streich added, "We are very
pleased with the current status of the discussions with the bondholders, as
everyone has demonstrated a desire for a quick resolution of this financial
restructuring effort. We are optimistic that the Company and the steering
committee will be able to agree in the near-term on a consensual transaction
that will provide the basis for an appropriate capital structure for the Holt
Group to enhance the long-term value of our Company and its operations."
Tom Holt, Jr., Chief Operating Officer of the Holt Group, said, "We appreciate
the strong and continuing support of our employees, customers, vendors, bank
lenders and all of our bondholders. We expect that at the end of this process,
the Holt Group will remain the market leader in both the U.S. to Puerto Rico
Jones Act container trade and the Delaware River and Jacksonville, Florida
marine terminal and warehousing business."
The Holt Group, Inc., with annual sales in excess of $300 million, is a leading
provider of integrated cargo transportation and B2B logistics management
services in the contiguous United States. In addition, the Company offers a
variety of cargo services, including stevedoring, warehousing and inland
trucking at owned and leased marine terminal facilities in New Jersey,
Pennsylvania, Delaware, Florida and Puerto Rico.
STATEMENTS CONTAINED IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL FACTS,
INCLUDING STATEMENTS REGARDING THE COMPANY'S ABILITY TO RESTRUCTURE ITS DEBT, TO
MEET ITS OBLIGATIONS UNDER THE SENIOR UNSECURED NOTES AND IMPROVE PROFITABILITY
ARE FORWARD-LOOKING STATEMENTS MADE BY THE COMPANY INVOLVE RISKS AND
UNCERTAINTIES AND ARE NOT GUARANTEES OF FUTURE PERFORMANCE. NUMEROUS FACTORS
EXIST WHICH IN SOME CASES HAVE AFFECTED, AND, IN THE FUTURE, COULD CAUSE RESULTS
TO DIFFER MATERIALLY FROM THESE EXPECTATIONS, INCLUDING THE COMPANY'S
INDEBTEDNESS AND RELATED DEBT SERVICE OBLIGATIONS, THE ABILITY TO OBTAIN CAPITAL
TO FUND FUTURE OPERATIONS, COMPETITION AND OTHER TRANSACTIONS TO DELEVERAGE ITS
BALANCE SHEET.
