Mobile, AL – May 18, 2016 – International Shipholding Corporation (OTCQX: ISHC) today announced that it remained in discussions with its principal lenders regarding various defaults under its credit facilities. As previously disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016, the Company received in April 2016 various forms of contingent short-term relief from its principal lenders. That relief terminated on May 15, 2016, and the Company currently is seeking further relief from its lenders and exploring other alternatives. The Company has retained Blackhill Partners, LLC as its financial advisor to assist in its continued evaluation of various strategic alternatives to address its liquidity and capital structure.
The Company can provide no assurance as to outcome or timing of its current endeavors, and will make future announcements if it determines that further updates are necessary or appropriate.
James T. Higginbotham
International Shipholding Corporation
Niels M. Johnsen, Chairman (212) 943-4141
Erik L. Johnsen, President (251) 243-9221
Manny Estrada, V. P. and CFO (504) 249-6082