Key Developments: Ultrapetrol (Bahamas) Ltd (ULTR.O)
2.82USD
24 May 2013
$-0.02 (-0.70%)
$2.84
$2.78
$2.95
$2.73
39,324
72,325
$3.05
$0.64
Latest Key Developments (Source: Significant Developments)
Ultrapetrol (Bahamas) Ltd Appoints New CFO
Ultrapetrol (Bahamas) Ltd announced the appointment of Ms. Cecilia Yad as the Company's Chief Financial Officer (CO), succeeding Leonard J. Hoskinson. Mr. Hoskinson will remain with the Company as Vice President, International Finance. Full Article
Ultrapetrol (Bahamas) Ltd Issues FY 2012 EBITDA Guidance Below Analysts' Estimates-Conference Call
Ultrapetrol (Bahamas) Ltd announced that for fiscal 2012, it expects EBITDA to be between $45 million and $52 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of $65 million for fiscal 2012. Full Article
Ultrapetrol (Bahamas) Ltd Announces Investment By Southern Cross Group
Ultrapetrol (Bahamas) Ltd and Sparrow Capital Investments, Ltd, a subsidiary of Southern Cross Latin America Private Equity Funds III and IV (Southern Cross), announced that they have entered into an investment agreement. Under the terms of the agreement, Southern Cross will purchase approximately $220 million of newly issued common stock at a purchase price of $2.00 per share. Immediately after the close of the transaction, Southern Cross will own approximately 78.38% of the outstanding common shares of Ultrapetrol. The agreement is subject to certain closing conditions, including but not limited to a waiver by holders of certain repurchase rights pursuant to the Company's Convertible Senior Notes due 2017 indenture. If all such conditions are satisfied, including the waiver from such noteholders of their repurchase rights which waiver may or may not be received, then the agreement is expected to close in December 2012. The transaction was approved by a special committee of Ultrapetrol's Board of Directors, comprising two disinterested directors, that received a fairness opinion, in accordance with the Company's Articles and Memorandum of Association. Full Article
Ultrapetrol (Bahamas) Ltd Issues FY 2012 EBITDA Guidance In Line With Analysts' Estimates-Conference Call
Ultrapetrol (Bahamas) Ltd announced that for fiscal 2012, it expects EBITDA to be between $60 million and $66 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $65 million for fiscal 2012. Full Article
Ultrapetrol (Bahamas) Limited Completes Sale Of 14 Barges
Ultrapetrol (Bahamas) Limited announced the sale of a further 14 wet and dry barges to a third party in Colombia. The barges are scheduled for delivery starting at the end of 2012 and extending through the second quarter of 2013. This sale will provide the Company with proceeds of $20.3 million, of which 50% will be advanced by the buyer. With this sale, the yard is fully employed until the end of the first quarter of 2013. Full Article
Ultrapetrol (Bahamas) Limited Completes Sale Of 14 Barges Built In Company's Punta Alvear Yard in South America
Ultrapetrol (Bahamas) Limited announced the sale of 14 wet and dry barges to a third party in Colombia. The barges are scheduled for delivery in the second half of 2012 and will provide the Company with proceeds of $20.3 million, of which 50% has been advanced by the buyer. Full Article
Ultrapetrol (Bahamas) Limited Lowers FY 2011 EBITDA Guidance-Conference Call
Ultrapetrol (Bahamas) Limited announced that it is maintaining long-term pro forma EBITDA guidance but reducing fiscal 2011 EBITDA guidance to a range of $55 million to $65 million, as opposed to the previous guidance of $62 million to $72 million, which is a cautionary step taking into account the effect of possible exchange variation in the results. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $61 million for fiscal 2011. Full Article
Ultrapetrol (Bahamas) Limited Announces Share Repurchase Program
Ultrapetrol (Bahamas) Limited announced that its Board of Directors has approved a share repurchase program effective immediately for up to a total of $20 million of the Company's common stock through April 30, 2012. Share repurchases may be made by the Company and certain of its affiliates from time to time in open market transactions at prevailing market prices or in privately negotiated transactions. Full Article
Ultrapetrol (Bahamas) Limited Signs Contracts With New Customer For Transportation of Iron Ore On Hidrovia River System And Sale Of Jumbo Barges
Ultrapetrol (Bahamas) Limited announced it has entered into contracts with a new customer, a first class international company, to transport 400,000 tons of iron ore per year over a period of four years starting in January 2012. In addition, the Company has agreed to sell this customer twelve 2,500 ton newbuilding jumbo barges to be delivered before the end of 2011. As part of the agreement, Ultrapetrol will provide transportation of an additional 150,000 tons of iron ore, corresponding to the capacity of the barges that are being sold, for one year with the option for a second, which will be operated by the Company in the initial period. Full Article
TEXT-S&P places Ultrapetrol (Bahamas) Ltd. 'B-' rating on watch dev
-- Ultrapetrol (Bahamas) Ltd. recently announced an agreement with Southern Cross Group that may result in a $220 million capital injection in the company.
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