ACL Sells Global Materials Services
American Commercial Lines LLC sold its ownership interest in Global Materials Services LLC to Mid-South Terminal Company, L.P. for $14 million cash.This transaction gives Mid-South Terminal Company, L.P., headquartered in Memphis, Tennessee, 100% control of Global Materials Services' network of 24 river-served terminals in the United States and 1 in Europe.
Richard L. Huber, Chairman of ACL, said “We are pleased that we were able to transfer our interest in this operation to our partner. This transaction allows us to continue our progress toward emerging from Chapter 11 with a focus on our core business. The proceeds from this transaction will be used to pay off the remaining balance of our DIP term loan financing.”