Ultrapetrol (Bahamas) has filed a pre-packaged Chapter 11 restructuring in the Southern District of New York.
The move will see a complete restructuring of the company’s river, offshore and ocean transportation businesses.
Ultrapetrol, which first warned of a potential Chapter 11 process last April, revealed in November 2016 it was going to make a filing.
Court documents now show that major shareholder Sparrow will buy the river business - spanning 685 barges and 35 pushboats - and its offshore supply division, with 13 platform supply vessels and one remotely-operated vehicle support vessel.
Sparrow
