June 27, 2017 9:29 PM ET

Marine

Company Overview of Ultrapetrol SA

Company Overview

Ultrapetrol is an international transportation company specialized in bulk commodities, and transports crude and oil products on the East Coast of South America, and carries import and export cargoes to and from South America to other areas of the world. Ultrapetrol also transports bulk commodities over the Parana and Paraguay river system which interconnect five South American countries (Bolivia, Brazil, Paraguay, Argentina and Uruguay). Ultrapetrol SA operates as a subsidiary of Ultrapetrol (Bahamas) Ltd.

Leandron N.Alem 986

11th Floor (1001)

Buenos Aires,  

Argentina

Phone:

54 11 4875 0400

Fax:

54 11 4315 0468

Key Executives for Ultrapetrol SA

Ultrapetrol SA does not have any Key Executives recorded.

Ultrapetrol SA Key Developments

Pre-Packaged Reorganization Plan Approved for Ultrapetrol (Bahamas) Limited

The US Bankruptcy Court approved the pre-packaged reorganization plan of Ultrapetrol (Bahamas) Limited on March 17, 2017. As per the approved plan, Administrative Claims of $14.80 million, Priority Tax Claims of $2.50 million, Fee Claims of $9.10 million and US Trustee Fees shall be paid full in cash. 2021 Note Claims of $257.39 million shall recover 24% of the claim, amounting to $61.77 million and will be paid in cash. IFC-OFID Loan Claims of $68.20 million shall recover 30.4% of the claim, amounting to $20.73 million and will be paid in cash. Offshore Lender Parent Claims of $164.60 million shall be cancelled and discharged. Other Secured Claims of $0.90 million shall be paid in cash. General Unsecured Claims of $13.30 million shall be fully reinstated. General Unsecured Claims (Cornamusa) shall recover 1.20% of the allowed amount and will be paid in cash. Equity Interests in River Business Holding Company Debtors and Equity Interests in Cornamusa, shall be cancelled and discharged. Equity Interests in River Business Debtors Other than Cornamusa shall be fully reinstated and Equity Interests in Parent shall be unimpaired. The plan will be funded through cash consideration, issuance of new common stock.

Pre-Packaged Reorganization Plan and Disclosure Statement Filed by Ultrapetrol (Bahamas) Limited

Ultrapetrol (Bahamas) Limited filed a prepackaged reorganization plan with related disclosure statement in the US Bankruptcy Court on February 6, 2017. As per the plan filed, Administrative Claims of $14.80 million, Priority Tax Claims of $2.50 million, Fee Claims of $9.10 million and US Trustee Fees shall be paid full in cash. 2021 Note Claims of $257.39 million shall recover 24% of the claim, amounting to $61.77 million and will be paid in cash. IFC-OFID Loan Claims of $68.20 million shall recover 30.4% of the claim, amounting to $20.73 million and will be paid in cash. Offshore Lender Parent Claims of $164.60 million shall be cancelled and discharged. Other Secured Claims of $0.90 million shall be paid in cash. General Unsecured Claims of $13.30 million shall be fully reinstated. General Unsecured Claims (Cornamusa) shall recover 1.20% of the allowed amount and will be paid in cash. Equity Interests in River Business Holding Company Debtors and Equity Interests in Cornamusa, shall be cancelled and discharged. Equity Interests in River Business Debtors Other than Cornamusa shall be fully reinstated and Equity Interests in Parent shall be unimpaired. The plan will be funded through cash consideration, issuance of new common stock.

Petrobras Terminates Contracts

Ultrapetrol announced that Petrobras terminated contracts for three of the company’s non-Brazilian platform supply vessels ahead of time. The company said it is currently evaluating alternative courses of action to remedy the situation, including talks with the Brazilian oil major and employment in other offshore locations.

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