Ultrapetrol (Bahamas) Limited’s Second Amended Joint Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on March 17, 2017.
BankruptcyData’s Plan Summary notes, “Under the Plan, Sparrow River Investments 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 Sparrow Offshore Investments, 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.”
In addition, “The Liquidation Analysis for Reorganized Ultrapetrol (Bahamas) estimates the Calculation of Net Estimated Proceeds Available for Distribution to be between $112.08 million and $134.3 million. The recovery rate to the Senior Notes due 2021 Claims and IFC/OFID Claims is estimated to be 100%. The recovery rate to General Unsecured Claims is estimated to be between 1.2% and 2.7%.”
This industrial shipping provider filed for Chapter 11 protection on February 6, 2017, listing $849 million in pre-petition assets.
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