Ultrapetrol (Bahamas) Limited (the Company), a Bahamas corporation, announced today that it and certain of its subsidiaries have commenced voluntary cases under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York yesterday (In re Ultrapetrol (Bahamas) Limited, Chapter 11 Case No. 17-22168) in order to implement the agreement reached with the Companys and subsidiaries lenders and bondholders on the terms of a comprehensive debt restructuring. To implement the restructuring, the Company and its subsidiaries negotiated and received affirmative votes from all voting lenders and from 99.9% of the Companys bonds voting to accept a prepackaged…
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