News Article | May 24, 2017
SANTA CLARA, Calif.--(BUSINESS WIRE)--Ayla Networks, a global Internet of Things (IoT) platform for manufacturers, today announced the promotion of three senior–level engineers to the position of vice president. Ayla’s new engineering vice presidents lead the technical operations for the three main aspects of the company’s IoT platform: device, cloud and mobile. The new VPs are: “Peter, Sudha and Dan have been instrumental in helping Ayla become a top Internet of Things platform for global OEMs that are manufacturing and shipping connected products,” said David Friedman, CEO and co-founder of Ayla Networks. “They are important members of our senior team who have earned the ‘vice president’ title for their contributions in enabling our manufacturer customers to participate fully in the growing market for IoT products.” Hunt leads Ayla’s engineering team responsible for Wi-Fi modules, embedded systems and Linux solutions. For more than 20 years, he has designed and developed network protocols, drivers and applications. Hunt joined Ayla in 2014 after five years at Silver Spring Networks, where he was director of platform firmware. He also worked at Nokia and Digital Equipment Corp. Hunt holds a bachelor’s degree in computer science from the University of Queensland in St. Lucia, Australia. Since joining Ayla in 2011, Myers has been responsible for defining and delivering on Ayla’s mobile strategy. He has built a revenue-generating team that delivers a range of high-value mobile products to Ayla’s Fortune-100 customers. He was formerly at Oracle, where he was engineering vice president responsible for Fusion Access Management. Myers also worked at Palm, where he was senior director of wireless engineering, and at Nokia, where he held the positions of director of engineering and head of architecture for the successful security appliance division eventually sold to Checkpoint. Myers has taken courses toward an MBA at Santa Clara University, and holds a bachelor’s degree in computer science and business from the University of Tennessee, Knoxville, where he graduated with high honors. Chief architect of the Ayla IoT cloud, Sundaresan oversees the Ayla cloud platform, including architecture, product definition, hiring, cost model and execution. She and her team built the cloud from scratch and scaled it to support millions of connected devices and users in North America, Europe and Asia. Before joining Ayla in 2012, Sundaresan was employed for more than 12 years at Cisco, where as a software engineer, architect and technical lead, she delivered products targeted at enterprises, service providers and small businesses. She holds a master’s degree in computer science from San Jose State University and a bachelor’s degree in electronics and communication engineering from the Government College of Engineering in Salem, India. Ayla Networks empowers leading manufacturers by simplifying the inherent complexity of the Internet of Things (IoT), enabling them to turn their products into smart connected systems and transform their businesses to compete in the game-changing world of connectivity. Delivered as a cloud platform-as-a-service (PaaS), Ayla’s IoT platform provides the flexibility and modularity to enable rapid changes to practically any type of device, cloud or app environment. Ayla is a member of the elite Amazon Web Services (AWS) Partner Network, so all connected products running on the Ayla IoT cloud gain the security and availability benefits of the AWS cloud infrastructure. Ayla Networks was named a 2015 Cool Vendor in the Internet of Things by Gartner, Inc. Ayla’s investors include Cisco Investments, the International Finance Corporation, Mitsui, SAIF Partners, Crosslink Capital, Voyager Capital, Ants Capital, 3NOD, Linear Venture, SJF Ventures and Acorn Pacific. For more information, visit www.aylanetworks.com. Note to press: photos are available via this Dropbox link: http://bit.ly/AylaMgmtPhotos. Or send an email request to: email@example.com.
News Article | May 25, 2017
Speaking during the ground-breaking ceremony at Tatu Industrial Park, ALP CEO Toby Selman outlined the expected impact of the project and potential opportunities it presents for Kenya. "Our distribution and logistics centre at Tatu Industrial Park offers international standard modern facilities for the rental market, and we plan on rolling out similar world-class developments across key African capital cities. Our vision is to fundamentally improve supply chain infrastructure across Africa and disrupt the current status quo of poor quality 'go down' warehousing. As we start construction on our first two projects in Kenya, we are already building a pipeline of future projects across Sub-Saharan and North African cities to create the continent's future industrial hubs," he said. The project, which is supported by a range of global institutional shareholders such as the International Finance Corporation, CDC Group, Africa-focused UK asset manager Mbuyu Capital, DOB Equity and Maris, will see more than 200 people benefit from employment opportunities during construction and up to 500 more people permanently employed once construction is completed. "The addition of Africa Logistics Properties to Tatu Industrial Park confirms our location as the hub for logistics and warehousing in East Africa," said Stephen Jennings, founder and CEO of Rendeavour, Tatu City's owner and developer. "Clearly, there is a great opportunity for Kenya and other countries in the African region to upgrade supply chain infrastructure, and Rendeavour is in a position to maximise this for its host nations." ALP's management team have more than 40 years' combined real estate investment track record in the industrial and logistics sector, having completed over $2bn of modern warehousing park developments in emerging markets. Tatu Industrial Park comprises of 457 acres of serviced land suitable for non-polluting light industrial, assembly, warehouse and logistic uses. It is ideally located for local, regional and international companies expanding in Africa through a hub in Kenya. Other companies at Tatu Industrial Park include Chandaria, Dormans Coffee, Unilever, Kim-Fay and Maxam. Africa Logistics Properties (ALP) is a specialist integrated property investment company that develops, acquires and owns class- A industrial and logistics properties in principal cities across Africa. ALP was founded in 2016 by Toby Selman and strategic investor Maris. ALP leverages its team throughout the region via deep relationships and understanding of global customer and logistics demands, international best practices in warehousing design specifications, construction and property management along with local expertise in market dynamics, site selection and regulatory approvals. Tatu City is a 5,000-acre, mixed-use development with homes, schools, offices, a shopping district, medical clinics, nature areas, a sport & entertainment complex and manufacturing area for more than 150,000 residents and tens of thousands of day visitors. Schools and businesses are already open at Tatu City, and a range of houses are under construction to suit all incomes. Tatu City represents a new way of living and thinking for all Kenyans, creating a unique live, work and play environment that is free from traffic congestion and long-distance commuting.
News Article | May 23, 2017
London, May 23, 2017: Walter Schindler, the Founder and Managing Partner of SAIL Capital Partners was honored to serve earlier this month as a Guest Speaker and Contributor to a weeklong series of classes, meetings, field trips and special events hosted by the British Royal Family and Common Purpose. Walter Schindler and SAIL Capital have received an increasing number of awards in global thought leadership recognition for innovation in clean energy and water since the firm’s founding in 2000. In December 2016 Schindler was honored as the US GameChanger of the Year in ACQ5 Magazine’s 2016 Global Awards, based on a worldwide review of 75,246 peer nominations, the highest ever. In November 2016 Walter Schindler was a guest at a reception and dinner at St James’s Palace, hosted by HRH The Princess Royal in support of the The Duke of Edinburgh Commonwealth Study Conferences Fund (CSC). In May 2017 Walter returned to London as a Guest Speaker and Contributor hosted by the British Royal Family, CSCLeaders and Common Purpose. Common Purpose runs leadership development programmes that inspire and equip people to work across boundaries. This unique non-profit organization aims to enable leaders to think creatively about how to solve complex problems in organizations and in society. CSCLeaders has served as a global leadership programme for 100 exceptional individuals selected each year from government, business and NGOs across the 52 countries of the Commonwealth in partnership with Common Purpose. Walter Schindler added: "We are proud to report that our water technology company WaterHealth International Inc. has posted its fifth consecutive record quarter of positive EBITDA performance on rising revenues. WaterHealth is the world's leading provider of pure drinking water to rural villages, reaching over 7 million people every day. We want to acknowledge with our gratitude the investment capital and dedicated support over many years of our key co-investors Dow Chemical, Coca-Cola, the International Finance Corporation (IFC), Tata Power, Vital Capital and Acumen Fund. Together we have proven that profitable sustainable capitalism can be achieved." SAIL Capital Partners LLC is a leading US pioneer of sustainable investment in energy and water technology companies and has been honored with a total of more than 10 international awards in 2016 and 2017.
News Article | April 4, 2017
NASSAU, Bahamas, April 04, 2017 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (the “Company”), a Bahamas corporation, announced today it has successfully completed its court-approved financial restructuring and has emerged from its pre-packaged chapter 11 bankruptcy cases. All of the conditions to effectiveness under its Plan of Reorganization, which was confirmed by the US Bankruptcy Court for the Southern District of New York on March 17, 2017, have been satisfied or otherwise waived in accordance with the terms of the Plan. Under the Plan, the Company’s river business subsidiaries were purchased by Sparrow River Investments Ltd. for a purchase price of $73.0 million. The proceeds of the sale of the river business, together with the net proceeds from the sale of the Company’s ocean business and funds held in a debt service reserve account pledged to The International Finance Corporation (“IFC”) and the OPEC Fund for International Development (“OFID”), were paid to the holders of the Company’s 8.875% First Preferred Ship Mortgage Notes due 2021, IFC and OFID in full satisfaction of their debt on the effective date of the Plan in accordance with the Restructuring Support Agreements and the Plan. Under the Plan, all other creditors were paid in full. The Company’s existing shareholders retained their shares in the Company; however, after giving effect to the Plan, the Company no longer owns any operating businesses. In addition, Sparrow Offshore Capital Ltd. has purchased the offshore subsidiaries of the Company for $2.5 million subject to their existing debt, which remained with the offshore business with modified terms and conditions. The secured lenders to the offshore business received the $2.5 million purchase price as well as $7.5 million held in accounts of the offshore business subsidiaries as a prepayment of the principal outstanding under certain loans of the offshore business subsidiaries. Other than the principal reduction through this repayment, the principal amounts outstanding under such loans were unaffected. Other creditors of the offshore business were unaffected and will continue to be paid when due in the ordinary course of business. Notwithstanding the change in ownership, the management teams of the river business and offshore business are being retained and it is expected that customers of the river business and offshore business will continue to receive high-quality service. Information about the restructuring will be available at http://cases.primeclerk.com/ultrapetrol, or via the Company’s restructuring information line at (844) 205-4334 (U.S. and Canada) or (917) 606-6438 (International). The Company is being advised by the investment banking firm of Miller Buckfire & Co. and AlixPartners, LLP. Zirinsky Law Partners PLLC and Seward & Kissel LLP are acting as legal counsel to the Company in this process.
News Article | April 20, 2017
A DSA Dá as Boas Vindas à ICASA da África do Sul com a Publicação das Regulamentações de Projetos de Espaços Disponíveis em TV, uma vez que Ambas se Preparam para Receber em Conjunto o Encontro Global de Cúpula da Dynamic Spectrum Alliance na Cidade do Cabo em Maio Com três semanas de antecedência para o Quinto Encontro Global de Cúpula Anual da Dynamic Spectrum Alliance, que neste ano retorna à África, a anfitriã ICASA, Autoridade Independente de Comunicações da África do Sul, publicou regulamentações de projetos no uso de Espaços Disponíveis em TV (TVWS) na região. As regulamentações de projetos, que estão abertas para consulta pública até 19 de maio de 2017, destacam o progresso que a África do Sul está fazendo em permitir acesso à Internet através de espectros dinâmicos. Estas regulamentações de projetos – que a DSA acolhe plenamente - e tecnologias serão discutidas no Encontro Global de Cúpula da DSA, que irá ocorrer na Cidade do Cabo entre 9 e 11 de maio de 2017, onde todo um grupo de líderes industriais e reguladores de todo o mundo vêm sendo anunciados para tratar do assunto, incluindo a Comissão Federal de Comunicações dos EUA (FCC) e a União Internacional de Telecomunicações (ITU). "No passado, licenças exclusivas para bandas específicas de frequência e fins específicos dominaram a política de alocação de espectros e suas regulamentações," disse Pakamile Kayakethu Pongwana, Diretor Executivo da ICASA. "Enquanto estes modelos são bons para monetizar o espectro e coordenação entre diversos serviços e operadoras a fim de evitar interferências, muitas vezes resultam em subutilização do espectro. Entretanto, na última década, governos e reguladores de todo o mundo abraçaram o conceito de 'espectro comum' como outro modo de conceder aos cidadão a inovação com base em novas tecnologias sem fio." O evento será aberto em 9 de maio com um seminário de regulamentação de um dia inteiro sobre compartilhamento de espectros e acesso a espectros dinâmicos. Junto com a ICASA, outros reguladores presentes irão incluir a Associação de Fomento de Radiodifusão da Coreia do Sul (RAPA), Agência Nacional del Espectro (ANE), o Ministério de Comunicações da Argentina e a Agência Nacional de Telecomunicações (ANATEL). O primeiro dia do Encontro Global de Cúpula será aberto com discursos de Kalpak Gude, Presidente da Dynamic Spectrum Alliance, e do Diretor Executivo da ICASA, Pakamile Kayalethu Pongwana, seguido por sessões em pequenos grupos sobre compartilhamento de espectros e possibilidade da Internet das Coisas (IoT) através de tecnologias de acesso dinâmico. O último grupo irá apresentar o Dr. F. Mekuria, Cientista Chefe de Pesquisas no Conselho para Pesquisas Científicas e Industriais (CSIR) da África do Sul, onde lidera a pesquisa sobre acesso a espectros dinâmicos. Sua perspectiva em como conectar populações mal atendidas em economias emergentes dará uma outra dimensão adicional ao grupo, que também inclui o Facebook, a Universidade de Strathclyde e a VistaLifeSciences Inc. A sessão de pequenos grupos sobre o fim da divisão digital irá abordar os desafios financeiros associados com implantações de redes em larga escala, com palestrantes incluindo: Sr. Alexander Hadden, Diretor de Finanças Estruturadas e Seguros na Overseas Private Investment Corporation (OPIC); Sr. Chikioke Egejuru, Analista de Investimentos na International Finance Corporation; Sr. Lumko Mtimde, Diretor Executivo na Agência de Acesso e Serviço Universal da África do Sul (USAASA), com apresentação pelo Sr. Frank McCosker, Gerente Geral de Disponibilidade de Acessos e Financiamento Inteligente na Microsoft Corporation. Outros palestrantes confirmados no primeiro dia incluem Ira Keltz, Vice-Chefe de Política e Divisão de Regulamentações na Agência de Engenharia e Tecnologia da Comissão Federal de Comunicações dos EUA (FCC), que irá unir o grupo sobre Wi-Fi ao 5G World. No último dia do Encontro de Cúpula, Ira irá iniciar com um debate, antes de participar do Encontro de Liderança de Reguladores que ocorre mais tarde durante o dia. O Diretor Executivo da ICASA Pongwana voltará a falar no segundo dia do Encontro de Cúpula sobre a Criação de Oportunidades para Implantação, que será apresentado pelo Diretor Executivo Emérito da DSA, Prof. H Sama Nwana. O grupo irá reunir líderes parlamentares para discutir desafios e soluções a fim de estabelecer estruturas regulatórias e permitir investimentos em infraestruturas – algo que é crucial para vencer a divisão digital na África do Sul e em todo o mundo. Outros palestrantes confirmados na agenda incluem representantes do: Facebook, Adaptrum Inc., C3 Limited, Autoridade de Comunicações do Kenia, Aruba (uma empresa da Hewlett Packard Enterprise) e a Fundação New American. Para garantir seu lugar no Quinto Encontro Global de Cúpula Anual da Dynamic Spectrum Alliance na Cidade do Cabo, África do Sul (de 9 a 11 de maio de 2017), visite: https://www.eventbrite.com/e/dynamic-spectrum-alliance-2017-global-summit-tickets-28614617090. Para visualizar a agenda completa do Encontro de Cúpula, visite: http://dynamicspectrumalliance.org/global-summit/agenda/. A Dynamic Spectrum Alliance é uma organização internacional que defende leis e regulamentações que levarão à utilização mais eficiente e eficaz do espectro. Os membros da DSA incluem desde multinacionais, pequenas e médias empresas, assim como organizações acadêmicas e de pesquisa, entre outras, presentes no mundo inteiro, todas as quais trabalham para criar soluções inovadoras que aumentarão a quantidade de espectro disponível para benefício de consumidores e empresas. Para mais informação sobre a Dynamic Spectrum Alliance, visite www.dynamicspectrumalliance.org/, ou siga @dynamicspectrum no Twitter. Como opção, acesse a Alliance no Facebook ou no LinkedIn. O texto no idioma original deste anúncio é a versão oficial autorizada. As traduções são fornecidas apenas como uma facilidade e devem se referir ao texto no idioma original, que é a única versão do texto que tem efeito legal.
News Article | April 20, 2017
CAPE TOWN, South Africa--(BUSINESS WIRE)--With three weeks to go until the Dynamic Spectrum Alliance’s Fifth Annual Global Summit, which is this year returning to Africa, co-host ICASA, the Independent Communications Authority of South Africa, has published draft regulations on the use of TV White Space (TVWS) in the region. The draft regulations, which are open for public consultation until 19 May 2017, highlight the progress South Africa is making in enabling affordable Internet through dynamic spectrum access. These draft regulations – which the DSA fully welcomes - and technologies will be discussed at the DSA Global Summit, taking place in Cape Town between 9 to 11 May 2017, where a whole host of leading industry figures and regulators from around the world have been announced to speak, including the US Federal Communications Commission (FCC) and the International Telecommunications Union (ITU). “In the past, exclusive licenses for specific frequency bands and specific purposes dominated spectrum allocation policy and regulations,” said Pakamile Kayakethu Pongwana, CEO of ICASA. “While these models are good for monetizing the spectrum and for coordination between multiple services and operators to avoid interference, they often result in underutilization of spectrum. In the last decade, however, governments and regulators around the world have embraced the concept of ‘spectrum commons’ as another way to bring citizens innovation on new wireless technologies.” The event will open on 9 May with a full day regulator workshop on spectrum sharing and dynamic spectrum access. Alongside ICASA, other regulators in attendance will include Korea Radio Promotion Association (RAPA), Agência Nacional del Espectro (ANE), the Ministry of Communications for Argentina and Agência Nacional de Telecomunicações (ANATEL). Day one of the Global Summit will be opened with keynote addresses from Kalpak Gude, President of the Dynamic Spectrum Alliance, and ICASA CEO, Pakamile Kayalethu Pongwana, followed by panel sessions on spectrum sharing and enabling the Internet of Things (IoT) through dynamic access technologies. The latter panel will feature Dr. F. Mekuria, Chief Research Scientist at the Council for Scientific and Industrial Research (CSIR) South Africa, where he leads research on dynamic spectrum access. His perspective on how to connect underserved populations in emerging economies will add another dimension to the panel, which also includes Facebook, University of Strathclyde, and VistaLifeSciences Inc. A panel session on closing the digital divide will address financial challenges associated with large-scale network deployments, with speakers including: Mr. Alexander Hadden, Director, Structured Finance & Insurance, Overseas Private Investment Corporation (OPIC); Mr. Chikioke Egejuru, Investment Analysis, International Finance Corporation; Mr. Lumko Mtimde, CEO, the Universal Service and Access Agency of South Africa (USAASA) and will be moderated by Mr. Frank McCosker, General Manager, Affordable Access & Smart Financing, Microsoft Corporation. Other confirmed speakers on day one include Ira Keltz, Deputy Chief of Policy and Rules Division, Office of Engineering and Technology, US Federal Communications Commission (FCC), who will join the panel on Wi-Fi for the 5G World. On the final day of the Summit, Ira will start with a keynote address, before joining the Regulator Leadership Summit later in the day. ICASA CEO Pongwana will return to speak on day two of the Summit to speak on a panel titled Creating Opportunities for Deployment, which will be moderated by Emeritus Executive Director of the DSA, Prof. H Sama Nwana. The panel will bring together policy makers to discuss challenges and solutions to establishing regulatory frameworks for enabling investment in infrastructure – something that is crucial to bridging the digital divide in South Africa, and around the world. Other speakers confirmed on the agenda include representatives from: Facebook, Adaptrum Inc., C3 Limited, the Communications Authority of Kenya, Aruba (a Hewlett Packard Enterprise company) and New American Foundation. Platinum sponsors of this year’s event include Microsoft and Nominet. Gold sponsors include Adaptrum Inc. and MBC, while MedyaCity is a Silver sponsor. To secure your place at the Dynamic Spectrum Alliance’s Fifth Annual Global Summit in Cape Town, South Africa (9-11 May 2017), visit: https://www.eventbrite.com/e/dynamic-spectrum-alliance-2017-global-summit-tickets-28614617090. To view the full Summit agenda, visit: http://dynamicspectrumalliance.org/global-summit/agenda/. The Dynamic Spectrum Alliance is a global organization advocating for laws and regulations that will lead to more efficient and effective spectrum utilization. The DSA’s membership spans multinationals, small- and medium-sized enterprises, and academic, research, and other organizations from around the world, all working to create innovative solutions that will increase the amount of available spectrum to the benefit of consumers and businesses alike. For further information about the Dynamic Spectrum Alliance, please visit www.dynamicspectrumalliance.org/, or follow @dynamicspectrum on Twitter. Alternatively join the Alliance on Facebook or LinkedIn.
News Article | April 20, 2017
Les projets de réglementations, qui sont accessibles au public jusqu'au 19 mai 2017, soulignent les avancées réalisées par l'Afrique du Sud pour favoriser un Internet abordable grâce à un accès dynamique au spectre. Ces projets de réglementations, que la DSA approuve totalement, et les technologies seront abordés lors du sommet mondial de la DSA, qui se déroulera du 9 au 11 mai 2017 au Cap et lors duquel toute une série de grands noms de l'industrie et de régulateurs du monde entier doivent prendre la parole, notamment la Commission fédérale des communications américaine (FCC) et l'Union internationale des télécommunications (UIT). «Dans le passé, les licences exclusives pour certaines bandes de fréquence attribuées à des fins bien précises dominaient la politique et les réglementations en matière d'affectation du spectre», a déclaré Pakamile Kayakethu Pongwana, le PDG de l'ICASA. «Si ces modèles sont bons pour monétiser le spectre et pour coordonner les multiples services et opérateurs afin d'éviter les interférences, ils engendrent souvent une sous-utilisation du spectre. Ces dix dernières années, cependant, les gouvernements et les régulateurs du monde entier ont épousé le concept de "spectre communautaire" ("spectrum commons") comme autre moyen d'offrir aux citoyens des innovations en matière de nouvelles technologies sans fil.» Le premier jour du sommet mondial s'ouvrira sur les discours principaux de Kalpak Gude, président de la Dynamic Spectrum Alliance, et du PDG de l'ICASA, Pakamile Kayalethu Pongwana, suivis par des tables rondes sur le partage du spectre et sur comment favoriser l'Internet des objets (IdO) grâce aux technologies d'accès dynamique. Cette dernière table ronde accueillera le Dr. F. Mekuria, directeur de recherche scientifique au Conseil de recherche scientifique et industrielle (CSIR) d'Afrique du Sud, où il dirige les recherches sur l'accès dynamique au spectre. Son point de vue sur la manière de connecter les populations sous-desservies des économies émergentes donnera une autre dimension à la table ronde, à laquelle participeront aussi Facebook, l'université de Strathclyde, et VistaLifeSciences Inc. Une table ronde sur comment combler la fracture numérique abordera les défis financiers liés au déploiement des réseaux à grande échelle, avec des orateurs tels que: M. Alexander Hadden, directeur, Finance structurée et assurances, Overseas Private Investment Corporation (OPIC); M. Chikioke Egejuru, Analyse des investissements, International Finance Corporation; M. Lumko Mtimde, PDG, Universal Service and Access Agency of South Africa (USAASA), et sera animée par M. Frank McCosker, directeur général, Accès abordable et financement intelligent, Microsoft Corporation. Parmi les autres orateurs confirmés pour le premier jour figure Ira Keltz, directeur adjoint de la division des politiques et des règles, Bureau de l'ingénierie et de la technologie, Commission fédérale des communications américaine (FCC), qui rejoindra la table ronde sur le Wi-Fi pour le monde 5G. Le dernier jour du sommet, Ira commencera par un discours principal avant de rejoindre le sommet de leadership des régulateurs plus tard dans la journée. Parmi les autres orateurs confirmés au programme figurent des représentants de: Facebook, Adaptrum Inc., C3 Limited, l'Autorité des communications du Kenya, Aruba (une société de Hewlett Packard Enterprise) et New American Foundation. Parmi les sponsors de platine de cette édition figurent Microsoft et Nominet. Les sponsors d'or incluent Adaptrum Inc. et MBC, tandis que MedyaCity est un sponsor d'argent. La Dynamic Spectrum Alliance est une organisation mondiale qui milite en faveur de lois et de réglementations qui permettront une utilisation plus efficiente et plus efficace du spectre. Elle compte parmi ses membres des multinationales, des petites et moyennes entreprises, et des organisations universitaires, de recherche et autres du monde entier, qui s'attèlent toutes à créer des solutions innovantes qui permettront d'accroître le spectre disponible au bénéfice tant des consommateurs que des entreprises.
News Article | March 21, 2017
NASSAU, Bahamas, March 21, 2017 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (the “Company”), a Bahamas corporation, announced today that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) confirmed its Second Amended Prepackaged Plan of Reorganization (the “Plan”) on March 17, 2017 (In re Ultrapetrol (Bahamas) Limited, Chapter 11 Case No. 17-22168). The Plan implements the agreement reached with the Company’s and subsidiaries’ lenders and bondholders. Under the Plan, the Company’s river business subsidiaries will be purchased by Sparrow River Investments Ltd. for a purchase price of $73.0 million. The proceeds of the sale of the river business, together with the net proceeds from the sale of the Company’s ocean business and funds held in a debt service reserve account pledged to The International Finance Corporation (“IFC”) and the OPEC Fund for International Development (“OFID”), will be paid to the holders of the Company’s 8.875% First Preferred Ship Mortgage Notes due 2021, IFC and OFID in full satisfaction of their debt on the effective date of the Plan in accordance with the Restructuring Support Agreement. The Plan provides that all other creditors will be paid in full. The Company’s existing shareholders will retain their shares in the Company; however, after giving effect to the Plan, the Company will no longer own any operating businesses. In addition, Sparrow Offshore Capital Ltd. will purchase the offshore subsidiaries of the Company for $2.5 million subject to their existing debt, which debt will be modified and remain with the offshore business. The secured lenders to the offshore business will receive the $2.5 million purchase price as well as $7.5 million held in accounts of the offshore business subsidiaries as a prepayment of the principal outstanding under certain loans of the offshore business subsidiaries. Other than the principal reduction through this repayment, the principal amounts outstanding under such loans are unaffected. Other creditors of the offshore business are unaffected and will continue to be paid when due in the ordinary course of business. The Company expects to emerge from Chapter 11 on March 31, 2017. Notwithstanding the change in ownership, the management teams of the river business and offshore business are being retained and it is expected that customers of the river business and offshore business will continue to receive high-quality service. Information about the restructuring will be available at http://cases.primeclerk.com/ultrapetrol, or via the Company’s restructuring information line at (844) 205-4334 (U.S. and Canada) or (917) 606-6438 (International). The Company is being advised by the investment banking firm of Miller Buckfire & Co. and AlixPartners, LLP. Zirinsky Law Partners PLLC and Seward & Kissel LLP are acting as legal counsel to the Company in this process.
News Article | April 26, 2017
PALO ALTO, CA--(Marketwired - April 26, 2017) - AgTech venture pioneer Finistere Ventures today announced the expansion of its global reach with the addition of experienced investment executives in Israel. With aggressive global growth plans, the firm has appointed Gil Meron (Meirovich) and Eyal Rosenthal as venture partners to explore and strengthen its AgTech investments and partnerships in this key region. "As the way people grow, produce, market and consume food around the world evolves, it is a time of unprecedented change in the agriculture industry. We see Israel as a center of excellence in AgTech," said Arama Kukutai, co-founder and partner at Finistere Ventures. "Both Gil and Eyal worked closely with us on first investments in Israel, and we think having them on our team will help advance our mission as we continue to invest in Israeli disruptors across the agricultural and food value chains." The appointment of Meron and Rosenthal as Israeli venture partners will intensify Finistere's accelerating reach in Israel. Meron and Rosenthal will work with existing Finistere portfolio companies in Israel and other forward-thinking entrepreneurs to advance AgTech innovation in Israel and drive global market penetration. Meron and Rosenthal bring a deep understanding of the Israeli technology and investment communities, as well as exceptional knowledge of what it takes to grow innovators into market leaders to Finistere. In the last few years, they partnered with the Israeli innovation sector and worked with many local entrepreneurs. In addition, they acted on behalf of the International Finance Corporation (the World Bank Group) on AgTech investments in Israel and internationally. They also worked closely with R&D institutions and on mandates for corporate, private equity and venture capital investors in the Israeli market. Before joining Finistere, Meron served as general manager of Yarden Group, where he successfully drove multiple CleanTech and AgTech investments and advised clients from Israel and abroad. In addition, he serves on the Board of leading membrane producer AMS Membranes. Previously, he spent years advising world-class companies on strategic issues as a consultant with Boston Consulting Group (BCG). Meron earned his MBA at the London Business School and his bachelor's degree in engineering from Tel Aviv University. Rosenthal is a managing director in Infinity Equity Group, where he spent more than a decade leading its cross-border investments between Israel and China. In addition, he has served as a board member for Technoplus Ventures for the past six years. Rosenthal earned his master's degree in investment management from City, University of London and his bachelor's degree in business management from The University of Hull. "We look forward to working even more closely with the Finistere team to help cultivate the next crop of technology game changers for the agriculture industry," noted Meron. "Finistere's global reach in the AgTech community is unmatched, and growing its footprint in Israel, a nation at the forefront of the AgTech frontier, is critical," said Rosenthal. Actively investing in AgTech innovation, Finistere works closely with industry leaders such as Agrium, Bayer, DuPont, the International Farming Corporation and PepsiCo. Current Finistere portfolio companies CropX, Plenty and ZeaKal, and the firm recently co-founded Radicle, an acceleration fund dedicated to growing early stage AgTech startups into proven industry leaders with an alliance of top Ag industry leaders, including Israeli firm OurCrowd. Finistere Ventures is a leading California-based agricultural technology and life sciences venture capital investor, with offices in Palo Alto and San Diego. Its team has developed and invested in some of the most successful AgTech companies of the last 20 years. Visit Finistere.com.