February 7, 2017 / 12:45 PM / a year ago

BRIEF-Ultrapetrol (Bahamas) initiates prepackaged Chapter 11

Feb 7 (Reuters) - Ultrapetrol (Bahamas) Ltd -

* Ultrapetrol (Bahamas) Limited initiates prepackaged chapter 11 proceedings pursuant to restructuring support agreements

* Expects to implement restructuring, emerge from court-supervised process expeditiously, which is expected to be concluded within 60 days

* Under plan, creditors holding in excess of $290.1 million principal amount are to receive about $84.0 million in cash in full settlement of indebtedness

* Expects cash on hand, cash from operating activities, and cash expected to be made available under a cash collateral order

* Vessels will continue to operate as scheduled

* Being advised by investment banking firm of Miller Buckfire & Co. and is receiving financial advice from Alixpartners, Llp

* Vendors, trade creditors, employees and unsecured creditors to be paid in full

* Plan supported by lenders and bondholders

* Proposed plan will restructure co’s and subsidiaries’ secured debt and pay in full allowed claims of unsecured creditors

* Says cash on hand and cash to be made available will be sufficient to fund its projected cash needs Source text for Eikon: Further company coverage:

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