SEA STAR TAKES OVER NAVIERAS

SEA STAR TAKES OVER NAVIERAS    Sea Star Line, the Jacksonville, Fla.-based shipping line, has announced the takeover of Navieras and the purchase of assets from NPR, Inc., the Philadelphia-based shipping, terminal operating and logistics group operating under Chapter 11 bankruptcy protection.
   Under the transaction, Sea Star Line, LLC will acquire the assets of Navieras/NPR, Inc. and of certain related entities. The agreement covers the purchase of ships, equipment, assignment of terminal leases, trade names and other assets related to NPR’s Puerto Rico service.
   Sea Star, a privately owned vessel operating transportation company providing service between the continental United States and Puerto Rico and the U.S. Virgin Islands, is owned jointly by Matson Navigation, SaltChuk Resources, Inc. and Taino Star Investment, Inc.
   The purchase agreement is subject to U.S. Bankruptcy Court approval, and will become effective at the end of April.
   The takeover will also mean the combination of two of the main operators in the Puerto Rico trade.
   “The operation will combine Sea Star’s versatile
roll-on/roll-off/load-on/load-off service with Navieras’ market-leading container service,” Sea Star said.
   Sea Star will provide a higher frequency of service in the trade, including a weekly sailing between Philadelphia and San Juan.
   “Sea Star recognizes that market conditions today are highly competitive in the Puerto Rico trade,” said Mike Shea, president of Sea Star.
   Sea Star was formed in 1998. NPR, owned by the Holt family, acquired Navieras in the 1990s when the shipping line was privatized by the government of Puerto Rico.
   The Holt Group Inc., filed for Chapter 11 protection under the U.S. Bankruptcy Code last year. At the time, the group and 24 of its subsidiaries and affiliates, including NPR-Navieras, filed petitions in the District of Delaware, hoping to convert debt into equity..
   “My senior management team fully supports this purchase agreement and will do everything possible to ensure the transition is seamless for our customers,” said Tom Holt, president of NPR, commenting on the sale to Sea Star.