Rand Logistics’ Joint Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection with a materially de-levered balance sheet and dramatically reduced annual interest expenses.
The U.S. Bankruptcy Court confirmed the Plan on February 28, 2018. As a result of Rand Logistics’ emergence, American Industrial Partners (AIP) completed its acquisition of the Company. According to a corporate release, the transaction was consummated after all conditions to effectiveness in the Plan were satisfied or waived.
Edward Levy, president and C.E.O. of Rand Logistics, comments, “We are pleased to have completed the transaction and to be partners with a leading private equity firm that shares our vision for Rand’s future. The transaction has recast our balance sheet and positions the Company for continued customer service and growth.”
Jason Perri, a partner with AIP, adds, “We are thrilled to partner with Rand and its leadership team to welcome a new beginning for a clear market leader in shipping and logistics on the Great Lakes….We are pleased to help Rand reduce its debt burden and restore its financial health for the benefit of all stakeholders, especially customers and employees, and look forward to working with Rand to continue to improve its operations and broaden its capabilities as a new platform for growth under our ownership.”
This shipping services provider filed for Chapter 11 protection on January 29, 2018, listing $249 million in pre-petition assets.
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