Chadbourne & Parke LLP represented Southern Cross Latin America Private Equity Funds III and IV (collectively “Southern Cross”) and certain of their affiliates, in connection with their proposed investment of $220 million in Ultrapetrol (Bahamas) Limited (“Ultrapetrol”) (NASDAQ: ULTR), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business).
Pursuant to the investment agreement signed on November 13, 2012, an affiliate of Southern Cross has agreed to purchase shares of newly issued common stock of Ultrapetrol (representing approximately 78.38% of Ultrapetrol’s outstanding common shares).
The investment is subject to various closing conditions and, if such conditions are satisfied, the transaction is expected to close in December 2012. In connection with the investment, Chadbourne also represented Southern Cross in negotiating new shareholders’ agreements between Southern Cross and certain existing shareholders of Ultrapetrol.
Principal attorneys at Chadbourne working on the transaction were New York partners Morton Grosz, Kevin Smith, Erez Tucner and Scott Berson, as well as associates Joseph Ramadei, Patrick Narvaez, Nicholas Scannavino, Michael Masri and Lindsay MacLeod.
The Southern Cross private equity funds target investments in Latin America. Chadbourne has regularly represented the Southern Cross funds in connection with their formation and with various portfolio company acquisitions and dispositions.
