Oaktree, American Industrial Exploring Sale of Rand Logistics

Oaktree Capital Management LP and American Industrial Partners are exploring a sale of marine transportation company Rand Logistics, which could fetch more than $1 billion, including debt, according to people with knowledge of the matter.

Oaktree and AIP are working with advisers on a sale of the Williamsville, New York-based company, said the people, asking not to be identified because the matter is private. No final decision has been made and they could opt to hold onto Rand.