6-K 1 v330676_6k.htm REPORT OF FOREIGN PRIVATE ISSUER

 

      

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR

15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

Dated: December 20, 2012

 

Commission File Number 001-32520

 

NEWLEAD HOLDINGS LTD.

(Translation of registrant’s name into English)

 

NewLead Holdings Ltd.

83 Akti Miaouli & Flessa Str.

185 38 Piraeus Greece

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x Form 40-F  o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes  o No  x 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes  o No  x 

 

 
 

 

Information Contained in this Report on Form 6-K

 

The following tables present the condensed consolidated balance sheets as of June 30, 2012 (unaudited) and December 31, 2011 and the unaudited condensed consolidated statements of operations for the six months ended June 30, 2012 and June 30, 2011 of NewLead Holdings Ltd.

 

 
 

 

NEWLEAD HOLDINGS LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts expressed in thousands of U.S. dollars except share amounts)

 

   (unaudited)
As of
June 30, 2012		   As of
December 31, 2011		 
         
ASSETS          
Current assets          
Cash and cash equivalents  $863   $5,119 
Restricted cash   1,528    250 
Trade receivables, net   7,315    12,522 
Other receivables   6,417    3,398 
Due from related parties   89    82 
Inventories   232    1,686 
Prepaid expenses   1,205    2,520 
Backlog asset   1,550    2,404 
Deferred charges, net   4,751    5,742 
           
Total current assets   23,950    33,723 
           
Restricted cash   31    31 
Investments in Joint Ventures   3,753    - 
Vessels under construction   -    7,055 
Assets held for sale   37,979    86,082 
Vessels and other fixed assets, net   45,574    269,519 
Backlog asset   -    342 
           
Total non-current assets   87,337    363,029 
           
Total assets  $111,287   $396,752 
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Current liabilities          
Current portion of long-term debt  $130,125   $339,722 
Accounts payable, trade   20,931    38,927 
Senior convertible 7%  notes, net   58,585    53,391 
Accrued liabilities   34,447    32,489 
Capital lease obligations   53,746    107,527 
Deferred income   -    2,111 
Derivative financial instruments   1,067    8,808 
Due to related parties   286    445 
Due to managing agent   184    184 
           
Total current liabilities   299,371    583,604 
           
Non-current liabilities          
Unearned profit   -    9,083 
Deferred income   -    800 
Other non-current liabilities   -    5,699 
           
Total non-current liabilities   -    15,582 
           
Total liabilities   299,371    599,186 
           
Commitments and contingencies          
Shareholders' equity          
Preference Shares, $0.01 par value, 500 million shares authorized, none issued   -    - 
Common Shares, $0.01 par value, 1 billion shares authorized, 19.9 million and 7.8 million shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively   199    79 
Additional paid-in capital   221,099    209,956 
Accumulated deficit   (409,329)   (412,469)
           
Total NewLead Holdings' shareholders' equity   (188,031)   (202,434)
           
Noncontrolling interest   (53)   - 
           
Total shareholders' equity   (188,084)   (202,434)
           
Total liabilities and shareholders' equity  $111,287   $396,752 

 

 
 

 

NEWLEAD HOLDINGS LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(All amounts expressed in thousands of U.S. dollars except share and per share amounts)

 

   Six Months Ended
June 30,
2012		   Six Months Ended
June 30,
2011		 
       (Restated) 
OPERATING REVENUES  $4,939   $6,638 
           
EXPENSES:          
Commissions   (62)   (73)
Voyage expenses   (74)   (36)
Vessel operating expenses   (1,822)   (1,203)
General and administrative expenses   (7,835)   (6,721)
Depreciation and amortization expenses   (3,998)   (4,140)
Impairment losses   -    (976)
    (13,791)   (13,149)
           
Operating loss from continuing operations   (8,852)   (6,511)
           
OTHER (EXPENSES) / INCOME, NET:          
Interest and finance expense   (14,649)   (13,421)
Interest income   -    47 
Other (expense) / income, net   (327)   13 
           
Total other expenses, net   (14,976)   (13,361)
           
Loss before equity in net losses in Joint Ventures   (23,828)   (19,872)
           
Loss from investments in Joint Ventures   (81)   - 
           
Loss from continuing operations   (23,909)   (19,872)
           
Income / (Loss) from discontinued operations   26,996    (18,456)
           
           
Net income / (loss)   3,087    (38,328)
           
Less: Net loss attributable to the noncontrolling interest   53    - 
           
           
Net income / (loss) attributable to NewLead Holdings' Shareholders  $3,140   $(38,328)
           
(Loss) / Income per share:          
Basic and diluted          
Continuing operations  $(1.62)  $(2.73)
Discontinued operations  $1.83   $(2.54)
Attributable to NewLead Holdings' Shareholders  $0.21   $(5.27)
Attributable to the noncontrolling interest  $0.00   $- 
           
Weighted average number of shares:          
Basic and diluted   14,782,948    7,273,632 

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Date: December 20, 2012

 

 

NEWLEAD HOLDINGS LTD.

  
       
       
  By: /s/ Michail Zolotas  
  Name:
Title:		 Michail Zolotas
Chief Executive Officer