International Shipholding Corporation Subsidiary Announces Sale of Interest in Belden Shipholding PTE LTD.NEW ORLEANS -- LCI LCI Livable Centers Initiative LCI Life Cycle Inventory LCI Landing Craft, Infantry LCI La Chaine Info (French cable news channel) LCI Lean Construction Institute LCI Lions Club International Shipholdings, Inc. ("LCI"), a 100% owned subsidiary of International Shipholding Corporation (NYSE NYSE See: New York Stock Exchange :ISH ISH In Situ Hybridization ISH Isolated Systolic Hypertension ISH Irish Sport Horse ISH Intermediate System Hello ISH International Society of Hypnosis ISH Information Super Highway ISH International Superhits (Green Day album) ), announced today that LCI and the other shareholders of Belden Shipholding PTE LTD ("Belden") have sold the Company, Belden, to Kristian Gerhard Jebsen Skipsrederi A/S for $236 million less debt obligations and net working capital consideration. The total cash proceeds from the sale will be approximately $107 million. Belden was formed in 2004 as a joint venture of LCI Shipholdings, Inc.; Williams Investment Co., SA, a 100% owned subsidiary of Compania Sudamericana De Vapores; and JACO JACO Japanese Animation Club of Orlando JACO Joint Actions Control Office Cement AS and Belcem Invest AS, privately held companies. |
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