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NewLead acquires Kritsas fleet, vessels arrested and sold at auction

NewLead Holdings has revealed it took over Greece’s Kritsas Shipping in March, but one of the owner’s former vessels has just been arrested and sold at auction, plus another vessel owned by NewLead. NewLead acquired 100% of the share capital in Kristas Shipping on March 22 from Dimitrios Kritsas through a transfer of shares agreement. The company has since been renamed Newlead Shipmanagement SA. The transaction included the acquisition of two handymax bulk carriers, Aurora Onyx (47,305 dwt, built 2002) and Aurora Pearl (46,709 dwt, built 2000), and their vessel holding companies, Onyx Corporation SA and the Pearl Corporation SA, which were acquired for $1 each, according to NewLead’s financial results for its fiscal year 2015. But NewLead’s ownership of the Aurora Onyx was shortlived. The vessel was arrested on April 15 due to non-performance of the contractual obligations under its mortgage agreement with HSBC, which was signed on November 23, 2010. Aurora Pearl is also mortgaged from HSBC. On May 19, the court of South Africa ordered the bulker to be sold and the vessel was delivered to its new owners on May 25, NewLead said. http://splash247.com/newlead-buys-kritsas-fleet-vessels-arrested-and-sold-at-auction/