Ultrapetrol adds two new directors; board increased to seven members

By Caroline Salls

Pittsburgh, March 7 – Ultrapetrol (Bahamas) Ltd. announced today the appointments of Barry W. Ridings and John C. Wobensmith to its board of directors, increasing the board’s membership to seven, according to a company news release.

Ridings currently serves as vice chairman of Lazard Frères & Co. LLC, chairman of LMDC Holdings and as a member of the boards of directors of various companies. He has an MBA in finance from Cornell University and a BA in religion from Colgate University.

Wobensmith currently serves as president of Genco Shipping & Trading. He has a BA in economics from St. Mary’s College of Maryland and holds the Chartered Financial Analyst designation.

“As we continue to make progress in the implementation of our strategic initiatives and our efforts to achieve a consensual financial restructuring, we expect to derive substantial benefit from [the new directors’] extensive industry experience and expertise,” Ultrapetrol chairman Eduardo Ojea Quintana said in the release.

Ultrapetrol is a Nassau, Bahamas-based shipping company.

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