Almost three months after securing bondholder support for a prepackaged bankruptcy proceeding, Ultrapetrol Bahamas Ltd., a company that floats energy boats throughout South America, filed for Chapter 11 protection on Feb. 6 in White Plains, New York.
The Nassau, Bahamas-based company lists $776.58 million in assets against $565.95 million in liabilities in its bankruptcy petition. Ultrapetrol, in a tally of its 40 largest unsecured creditors, also owes money to law firms in the U.K. and Paraguay. Gateley, a British firm that in 2015 began trading publicly, is listed as being owed $311,237 by the debtor, which owes another $70,950 for legal services to Paraguay’s Palacios, Prono & Talavera.
