Who Got the Better Deal?

Last week, the settlement agreement, between entities controlled by U.S. Shipping L.P. (“USS”) and Blackstone/Cerberus, with respect to the joint venture to finance, construct, own and manage U.S. flag product carriers, was made public in court filings. We would venture to say that it is impossible to determine whether either company got fair value for its investment, other than to say the settlement was negotiated in good faith with the intervention of a mediator. It is worth noting that the debtor, USS, had little leverage, given its minority interest and bankruptcy status. Moreover, it is currently hard pressed to finalize

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