US Shipping Deal With Blackstone, Cerberus OK'd

Law360, New York (July 17, 2009, 7:10 PM EDT) -- A judge has approved a settlement between bankrupt U.S. Shipping Partners LP and affiliates of the Blackstone Group and Cerberus Partners LP, allowing the private equity firms to take over interests in a joint oil tanker venture in exchange for about $14 million.

Judge Robert D. Drain issued an order in a hearing on Friday in the U.S. Bankruptcy Court for the Southern District of New York approving the the settlement, which would be orchestrated as a sale under Section 363 of the U.S. Bankruptcy Code....
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