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Article: Crowley to Manage Five U.S.-Flag Tankers for American Petroleum Tankers, the Newly Renamed Company Controlled by The Blackstone Group.
- Article from:
- Business Wire
- Article date:
- July 28, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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JACKSONVILLE, Fla. -- The Settlement Agreement recently approved by a U.S. Bankruptcy Court Judge in New York became effective today, clearing the way for an investor group led by The Blackstone Group to terminate their relationship with U.S. Shipping and to retain Crowley Maritime Corporation to manage five U.S.-flag petroleum tankers for the newly renamed company, American Petroleum Tankers LLC ("APT" or the "Company").
The five tankers, two of which are in operation and three of which are due for delivery from shipbuilder NASSCO in San Diego through 2010, were to be owned by a joint venture controlled primarily by affiliates of The Blackstone Group and U.S. ...