Ultrapetrol (Bahamas) Limited announced that it had reached agreement with its secured lenders to extend its existing forbearance agreements through April 30, 2016. The secured lenders party to these agreements have agreed, for the duration of the forbearance agreements, not to accelerate their loans, take any enforcement actions, or exercise any remedies with respect to defaults resulting from the non-payment by the Company of its interest payment under the Company's 8.875% First Preferred Ship Mortgage Notes due 2021 and to work with the Company in negotiating a sustainable financial structure. The Company expressed its continuing confidence that a consensual financial restructuring can be achieved in order to provide Ultrapetrol with a sustainable capital structure that supports the Company's long-term business plan and results in long-term value generation for the benefit of all stakeholders.

During this period, the Company believes that it has sufficient liquidity to fully fund all aspects of its operations and to conduct business as usual, including making full and timely payments to employees, vendors, suppliers, and trading counterparties.