B+H Ocean Carriers Ltd. Announces Agreement to Obtain Working Capital Facility.Business Editors NEW YORK--(BUSINESS WIRE)--March 31, 2000 B+H Ocean Carriers B+H Ocean Carriers (OSE: BHOC, AMEX: BHO) is an international shipping company that operates seven bulk ships, seven product tankers and two chemical tankers. Based in Hamilton, Bermuda it also has offices in Oslo, Singapore, Bristol and New York. Ltd. (AMEX AMEX See: American Stock Exchange :BHO BHO Browser Helper Object BHO Bundeshaushaltsordnung BHO Barack Hussein Obama BHO Bhopal, India (airport code) BHO British History Online BHO Banjo Hangout (website) BHO Battle Handover ) announced today that it had reached an agreement in principle to obtain a working capital facility of $1.0 million from a company affiliated with the Company's management. As part of the arrangement, the Company has agreed to sell Cliaship Holdings Ltd. to that affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. . Cliaship, which owns four product tankers, is a wholly-owned subsidiary of the Company. The purchase price will be Cliaship's March 31, 2000 Net Asset Value. The financing and related vessel sales are subject to various approvals including that of the Company's banks. |
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