In Form 6-K filed on November 18, 2016, Ultrapetrol (Bahamas) Limited announced that it and certain of its subsidiaries have entered into a Restructuring Support Agreement with certain holders of the Company’s 8.875% Notes due 2021. The Support Agreement provides for the parties’ agreement with respect to the transactions contemplated by a joint prepackaged plan of reorganization under Chapter 11 of the Bankruptcy Code, which provides for an implementation of the Restructuring through a voluntary bankruptcy case and provides a timetable that includes substantial consummation of the Plan on or before February 28, 2017. In addition to the Restructuring, the Company is in negotiations with lenders to its offshore business and an affiliate of Sparrow with respect to the terms and conditions of an out-of-court restructuring of the loans to the Offshore Business. The Company is currently negotiating a detailed term sheet with the Offshore Lenders that would reflect the parties’ agreement in principle, and hopes to reach a final resolution in the near future. Read more on distressed companies.
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