Petroleum Co.'s PE Ties Worried DOT In $340M Loan Dispute

Law360, New York (June 17, 2013, 6:42 PM EDT) -- A U.S. Department of Transportation review body tried to head off an independent review of a petroleum shipping company’s $340 million loan request due to concerns about the company’s private equity ownership, according to documents filed recently in Washington federal court.

The DOT's Credit Council had pushed the U.S. Maritime Administration, known as MARAD, to refrain from allowing outside review of American Petroleum Tankers Parent LLC’s initial September 2010 $470 million loan request, due to its ownership by private equity firms Blackstone Group LP and Cerberus...
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