Sparrow River Investments Ltd entered into an investment agreement to acquire Massena Port SA, Princely International Finance Corp., UP RIVER (HOLDINGS) LTD., UP RIVER TERMINALS (PANAMA) S.A., UPB (PANAMA) INC. from Ultrapetrol (Bahamas) Ltd. for $73 million in cash on November 23, 2016. Sparrow River Investments Ltd showed an indication of interest to acquire Massena Port SA, Princely International Finance Corp., UP RIVER (HOLDINGS) LTD., UP RIVER TERMINALS (PANAMA) S.A., UPB (PANAMA) INC. from Ultrapetrol (Bahamas) Ltd. (OTCPK:ULTR) on November 18, 2016. The transaction is subject to approval from bankruptcy court, the restructuring support agreement and the loan purchase agreement becoming effective, entering into transition services agreement, and obtaining third party consents. The transaction would close upon the consummation of bankruptcy case under chapter 11 which would be consummated on or before February 28, 2017. The transaction has been approved by Board of Sparrow River Investments Ltd, Ultrapetrol (Bahamas) Ltd. As on January 4, 2017, Ultrapetrol announced an extension of the deadline by which Ultrapetrol must receive consents on a resolution of its shareholders to approve a substantial sale of its assets, each of which had been set to expire on January 4, 2017. The vote solicitation period and the time by which consents on the shareholder resolution must be received have been extended to January 26, 2017. Lawrence Rutkowski of Seward & Kissel LLP and Bruce Zirinsky, Sharon Richardson and Gary Ticoll of Zirinsky Law Partners PLLC acted as legal advisors for Ultrapetrol (Bahamas) Ltd. Morton E. Grosz and Kevin C. Smith of Chadbourne & Parke, L.L.P. acted as legal advisor for Sparrow Capital Investments Ltd. Miller Buckfire & Co., LLC and AlixPartners, LLC acted as financial advisors for Ultrapetrol (Bahamas) Ltd. Dustin Smith, Christopher K. Kiplok and Erin Diers of Hughes Hubbard & Reed LLP acted as legal advisor for Ultrapetrol (Bahamas) Ltd.