With creditors dismissing its restructuring plans listed Ultrapetrol has become the latest victim of the shipping downturn, seeking Chapter 11 bankruptcy protection at a court in the US late last night.
Ultrapetrol, which operates hundreds of river barges, as well as OSVs and two product tankers and a pair of feeder boxships, was saddled with $566m of debts.
As its financial position worsened the Argentinian owner was forced to delist from the NASDAQ last October, but it quickly moved to the OTCQB Venture Market.
Damián Scokin resigned as CEO of the company on November 1 to be replaced by the firm’s chairman, Eduardo Ojea Quintana.
