SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 6, 1999
INTERNATIONAL SHIPHOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 2-63322 36-2989662
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
650 Poydras Street, New Orleans, Louisiana 70130
(Address of principal executive offices) (Zip Code)
(504) 529-5461
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS
On August 6, 1999, the Company issued the following press release:
New Orleans, Louisiana, August 6, 1999 ... International Shipholding
Corporation ("ISC") (NYSE: ISH) announced today that it has settled its
outstanding contract litigation with Seminole Electric Cooperative, Inc.
In the settlement, Seminole has paid approximately $23.0 million to Central
Gulf Lines, Inc., a wholly owned subsidiary of ISC, and all agreements
between Central Gulf and Seminole have been terminated. This settlement,
less related expenses, and after offsets and previously accrued contract
profits, will be reported in ISC's third quarter results.
The settlement fully resolves all litigation among Central Gulf, Seminole
and their respective subsidiaries and affiliates. The litigation, which
involved three separate lawsuits in state and federal courts in Florida,
arose out of Seminole's unilateral termination of its contract with Central
Gulf for the transportation of coal by Central Gulf from Mt. Vernon,
Indiana to Gulf County, Florida. The contract, entered into in 1981, would
have expired in 2004 according to its terms. Seminole notified ISC and
Central Gulf on December 15, 1998, that it was terminating performance
under the agreement, commencing alternative rail transportation and
commencing the litigation. Seminole's stated purpose in instituting the
litigation was to confirm Seminole's ability to terminate performance under
the agreement, and establish the damages owed by Seminole to Central Gulf
as a result of the termination.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Exhibits - none.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INTERNATIONAL SHIPHOLDING CORPORATION
By: /s/ Gary L. Ferguson
-----------------------------------
Gary L. Ferguson
Vice President and
Chief Financial Officer
Dated: August 6, 1999
