Navios Maritime Holdings Inc:  Analysis Of Tender Offer Extension

About: Navios Maritime Holdings Inc. (NM), NM.PG, NM.PH, Includes: NMCI, NMM, NNA
by: Morningsidepark
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Value, special situations, energy, commodities, shipping, long only

NM extended the Tender Offer on the Series G and H Preferred to March 15th and increased the respective TO Price by $.50 for both Series G and H.

Shares tendered from February 15th to March 1st were surprisingly low for the Series G given the volume that traded and absolutely anemic for Series H.

The Consent Solicitation has been halted for the Series H as TO results to date indicate it will never be successful at these TO Price levels.

The increase in the TO Price for the respective Series increases the total TO Cash Compensation based on currently tendered shares by $2.3 million.

NM does not have the cash to fund this TO and avoid defaulting on its obligations during Q2.  The steep decline in Q1 Dry Bulk Rates are further ravaging NM's balance sheet.

Navios Maritime Holdings, Inc. (NM) is a financially troubled micro-cap that is extremely risky as an investment or trade. It is the parent company of Navios Maritime Partners (NMM), Navios Maritime