January 31, 2018 / 1:15 AM / 22 days ago

Rand Logistics files for Chapter 11 bankruptcy with debt swap deal

Rand Logistics Inc, one of the largest bulk freight shipping providers in the Great Lakes region, filed for Chapter 11 protection on Tuesday after agreeing to a debt-for-equity swap with lender Lightship Capital LLC.

Rand, with $236 million of debt, said in November it would file for bankruptcy as part of a restructuring support agreement with Lightship, an affiliate of New York-based private equity firm American Industrial Partners.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2E0yYVe

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