November 15, 2012
Private equity firm Southern Cross has agreed to invest $220m in Bahamas-ba
Private equity firm Southern Cross has agreed to invest $220m in Bahamas-based marine industrial transportation company Ultrapetrol, says Chile’s Sipsa, Ultrapetrol’s parent. The fund will buy 110m shares at $2.00 per share, and walk away with approximately 78.38% of the outstanding common shares. The agreement is subject to conditions, including a waiver by holders of certain repurchase rights related to Ultrapetrol’s 2017 bonds, and is expected to close in December.