Southern Cross Group to Acquire SIPSA Interest in Ultrapetrol

Southern Cross Group to Acquire SIPSA Interest in Ultrapetrol

NASSAU, Bahamas, July 13, 2014 (GLOBE NEWSWIRE) -- The major shareholders of
Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR) ("Ultrapetrol" or the "Company"),
an industrial transportation company serving marine transportation needs in
three markets (River Business, Offshore Supply Business and Ocean Business),
entered into a share purchase agreement with respect to the sale of shares of
Ultrapetrol and of certain affiliates of the major shareholders between such
shareholders. Under the agreement, Sparrow Capital Investments Ltd.
("Sparrow") a subsidiary of Southern Cross Latin America Private Equity Funds
III and IV ("Southern Cross"), reached an agreement with Hazels (Bahamas)
Investments Inc. ("Hazels") and Inversiones Los Avellanos S.A. ("Los
Avellanos"), each a subsidiary of SIPSA S.A ("SIPSA") to purchase all of
Hazels' and Los Avellanos' outstanding equity interests in the Company,
increasing Southern Cross' interest in the Company from 67% to 85%.

Under the terms of the agreement, Sparrow will acquire from Hazels, Los
Avellanos, and certain entities affiliated with them, the rights to 25,326,821
shares of common stock of the Company ("Common Stock"). The price has been
agreed at the equivalent of $4.00 per share of Common Stock.Upon completion
of the transaction, the capital of the Company will be comprised exclusively
of single voting shares.

The transaction is expected to close in the next 60 days and the agreement
sets forth certain customary closing conditions, including having SIPSA and
Los Avellanos receive approval from its shareholders for the transaction and
the receipt of certain waivers from lenders of Ultrapetrol.The agreement also
provides Hazels with the opportunity to offer to purchase Ultrapetrol's Ocean
Business for a price to be determined, subject to terms and conditions
including the approval of the independent director of Ultrapetrol.

In connection with the transaction, it has been agreed with Felipe Menéndez
and Ricardo Menéndez that the Company will terminate their respective
employment and consulting agreements upon closing and enter into new
employment and consulting agreements.Felipe Menéndez and Ricardo Menéndez
will remain with Ultrapetrol as directors.The terms of the new employment and
consulting agreements will be for up to six months.The vesting of unvested
options and restricted stock awards will be accelerated so that they will be
exercisable and vested immediately before the termination of the
agreements.Under certain of the Company's existing loan agreements, it will
need to receive a waiver from the applicable lender before Messrs. Felipe and
Ricardo Menendez leave their management positions with the Company. A new
Chief Executive Officer of Ultrapetrol is expected to be appointed effective
as of the closing of the transaction.

The Company also announced today that it has appointed Rodrigo Lowndes to its
board of directors, effective immediately, following the resignation of
Fernando Barros.Mr. Lowndes, a Brazilian national, is a partner with Southern
Cross in the Sao Paolo office and has been with the firm since 2009.Prior to
joining Southern Cross, Mr. Lowndes co-founded Emerging Capital, a Brazilian
asset management company. Before then, he worked for Morgan Stanley in New
York and Brazil where he was President and Head of Investment Banking. He has
served on the board of several Southern Cross portfolio companies.

Mr. Horacio Reyser, Chairman of Ultrapetrol and a Southern Cross partner,
said, "We are pleased to have Mr. Lowndes join the Board and look forward to
his contributions to the Company.I would also like to thank Mr. Barros for
his service as a Board member and his dedication to the Company over the

About Ultrapetrol

Ultrapetrol is an industrial transportation company serving the marine
transportation needs of its clients in the markets on which it focuses. It
serves the shipping markets for containers, grain and soya bean products,
forest products, minerals, crude oil, petroleum, and refined petroleum
products, as well as the offshore oil platform supply market with its
extensive and diverse fleet of vessels. These include river barges and
pushboats, platform supply vessels, tankers and two container feeder vessels.
More information on Ultrapetrol can be found at

About Southern Cross Group

Southern Cross is one of the largest private equity firms in Latin America.
Southern Cross´ investment strategy is based on investing in companies that
have significant potential for improved performance and growth. Since
inception, Southern Cross has raised over $2.5 billion and has invested in
over 30 companies in a wide range of industries, including energy, oil & gas,
logistics, consumer goods, retail, homebuilding, entertainment public
services, IT, and telecom. Southern Cross seeks to deliver superior returns by
the optimization of companies' strategic direction and operating performance.
As a result of its extensive regional experience, Southern Cross is
well-positioned to identify and capitalize on high quality investment
opportunities in Latin America.

Forward-Looking Language

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include future operating or financial results;
pending or recent acquisitions, business strategy and expected capital
spending or operating expenses, including dry docking and insurance costs;
general market conditions and trends, including charter rates, vessel values,
and factors affecting vessel supply and demand; our ability to obtain
additional financing; our financial condition and liquidity, including our
ability to obtain financing in the future to fund capital expenditures,
acquisitions and other general corporate activities; our expectations about
the availability of vessels to purchase, the time that it may take to
construct new vessels, or vessels' useful lives; our dependence upon the
abilities and efforts of our management team; changes in governmental rules
and regulations or actions taken by regulatory authorities; adverse weather
conditions that can affect production of the goods we transport and
navigability of the river system; the highly competitive nature of the
oceangoing transportation industry; the loss of one or more key customers;
fluctuations in foreign exchange rates and devaluations; potential liability
from future litigation; and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.

CONTACT: Leon Berman
         Bryan Degnan

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