Moody's: Sale of Inland River Barge Ops is a "Credit Negative" for United Maritime

(Press Release)
Tuesday, April 24, 2012
New York, April 24, 2012 -- Moody's issued a press release on the planned sale of United Maritime Group, LLC's ("UMG", B2 stable) inland river barge operation, United Barge Line, LLC ("UBL") to Ingram Barge Company (not rated) for $222 million, calling it is negative for the company's credit profile. UMG's business profile will change and cash flow generating capacity will meaningfully reduce with the divestiture of its inland river barging operations.  However, net proceeds likely in excess of $200 million could fund the repayment of a significant portion of UMG's indebtedness. 
For further information, please see www.moodys.com

Related Stories

Next Phase Begins on Tampa Harbor Navigation Improvement Project

Stena AB to Acquire Shipping Company Color Line

Black Sea Shipping Faces Insurance Squeeze as Constanta Port Stays Resilient

Current News

Seaborne Grain Exports from Russia Drop 62% in September

Shipping Through Constanta Port Stabilizes After Black Sea Attacks

Next Phase Begins on Tampa Harbor Navigation Improvement Project

DP World Launches Two New Dedicated Freight Corridors Across India

Subscribe for Maritime Logistics Professional E‑News