WL Ross Takes Majority Stake in Navigator
WL Ross & Co. completes purchase of 4.4 million common shares of Navigator Holdings Ltd. owned by Lehman Brothers Inc.
This transaction was approved by Bankruptcy Judge James M. Peck of the Bankruptcy Court in the Southern District of New York overseeing LBI's liquidation in connection with LBI Trustee James W. Giddens ' role in maximizing value for the shares for the benefit of customers and general creditors.
The purchase brings WL Ross' total stake in Navigator to over 50%. As part of the transaction, WL Ross agreed with Navigator to various limitations, including that a majority of the Navigator Board of Directors will continue to be independent directors.
Navigator Holdings Ltd. provides international seaborne transportation services to producers, traders and consumers of liquefied petroleum gas, petrochemical gases and ammonia. The company is the leading participant in the handy-sized LPG sector, operating a versatile fleet of 14 high quality, semi-refrigerated gas carriers, representing approximately 16% of the fleet capacity in its chosen sector.
Founded by legendary investor Wilbur Ross, Jr. , Wilbur Ross & Co. is an investment management company with international interests.