Ultrapetrol (ULTR) Sells 14 Barges to Third Party in Colombia
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Ultrapetrol (Bahamas) Limited (Nasdaq: ULTR) 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.
Felipe Menendez, President and Chief Executive Officer, stated, "We are pleased to have completed the sale of 14 barges to a Colombian customer. This transaction is consistent with our strategy of utilizing our state-of-the-art barge building facility to increase EBITDA through both fleet growth and the sale of barges. We intend to continue to look for similar opportunities that enable us to provide barges to third parties."
Felipe Menendez, President and Chief Executive Officer, stated, "We are pleased to have completed the sale of 14 barges to a Colombian customer. This transaction is consistent with our strategy of utilizing our state-of-the-art barge building facility to increase EBITDA through both fleet growth and the sale of barges. We intend to continue to look for similar opportunities that enable us to provide barges to third parties."
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