BANKRUPTCY COURT APPROVES SEA STAR’S BID FOR NAVIERAS ASSETS
The U.S. Bankruptcy Court for the District of Delaware has approved Sea Star Line LLC's bid to acquire assets of Navieras/NPR Inc. and certain related entities.
The court’s approval April 26 followed two days of hearings attended by a number of creditors of the Holt Group, which had sold the assets of Navieras/NPR to Sea Star for $32 million as part of a larger, complex bankruptcy settlement.
The bankruptcy court in Wilmington indicated it had the authority to order the transfer of unexpired leases relevant to the Navieras terminal in San Juan, Puerto Rico, from Navieras to Sea Star, although legal counsel for the Puerto Rican Ports Authority had questioned the validity of such a transfer.
“Sea Star will commence operating the purchased assets on Saturday, April 27,” said Mike Shea, president of Sea Star.
Shea said the Navieras center in Tampa would remain open. “The staffs of both Sea Star and Navieras/NPR are working diligently to ensure a smooth transition.”
Sea Star, a vessel operator providing service between the continental U.S., Puerto Rico and the Virgin Islands, is owned by Matson Navigation and the parent company of Totem Ocean Trailer Express.