Ultrapetrol (Bahamas) expects to emerge from bankruptcy on March 31

By Caroline Salls

Pittsburgh, March 21 – Ultrapetrol (Bahamas) Ltd. expects to emerge from Chapter 11 bankruptcy on March 31, according to a company news release.

As previously reported, Ultrapetrol’s plan of reorganization was confirmed on March 17 by the U.S. Bankruptcy Court for the Southern District of New York.

Despite a change in ownership, Ultrapetrol said the management teams of the river business and offshore business are being retained.

The company is being advised by the investment banking firm of Miller Buckfire & Co. and AlixPartners, LLP. Zirinsky Law Partners PLLC and Seward & Kissel LLP are acting as legal counsel in this process.

Ultrapetrol, a Nassau, Bahamas-based shipping company, filed bankruptcy on Feb. 6. The Chapter 11 case number is 17-22168.

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