Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Ultrapetrol Bahamas Disclosure Statement Approved, Plan Confirmed

The U.S. Bankruptcy Court issued an order approving Ultrapetrol Bahamas' Disclosure Statement and confirming its Second Amended Prepackaged Joint Plan of Reorganization. As previously reported, "Under the Parent-Included Plan, pursuant to the Investment Agreement, …(i) Sparrow River Investments Ltd. ('New Holdco 1'), an affiliate of Sparrow Capital Investments and Sparrow C1 Sub (together, 'Sparrow'), will acquire the River Business (free and clear of any and all claims, interests, liens and encumbrances), including 100% of the New River Business Holding Company Common Stock to be issued pursuant to the Plan, in exchange for cash consideration in the amount of $73.0 million, which will be used to fund distributions to creditors and (ii) Sparrow Offshore Investments Ltd. ('New Holdco 2'), an affiliate of Sparrow, will acquire the Offshore Business, including 100% of the equity of the Offshore Business Holding Company, a non-Debtor, in exchange for cash consideration in the amount of $2.5 million….Administrative Claims, Priority Tax Claims, and Other Priority Claims will be paid in full. All Other Secured Claims and General Unsecured Claims will be Unimpaired…..Existing Equity Interests in River Business Holding Company Debtors will be cancelled and discharged." This industrial shipping provider filed for Chapter 11 protection on February 6, 2017, listing $850 million in pre-petition assets.

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