Ultrapetrol Bahamas Ltd. (ULTRF)

[BONGO68]

Ultrapetrol’s Chapter 11 plan approved by court
Ultrapetrol (NASDAQ:ULTR) says its prepackaged Chapter 11 plan has been confirmed by the U.S. bankruptcy court, and expects to emerge from Chapter 11 on March 31.Under the restructuring plan, Sparrow Capital Investments will acquire ULTR’s river business, which includes 685 barges, for $73M, with proceeds earmarked for the holding company’s creditors and used to retire ~$225M in outstanding bond debt.Existing shareholders will retain their ULTR shares, but the company will no longer own any operating businesses. Tue, Mar. 21, 5:55 PM | 2 Comments