Ultrapetrol (Bahamas) Limited announced that, as a result of its negotiations with advisors representing a majority of holders of the company's 8.875% First Preferred Ship Mortgage Notes due 2021, the company has reached a forbearance agreement through March 31, 2016 in relation to in excess of 85% of the outstanding notes. The company expressed its appreciation to all of its secured creditors for their continued support and cooperation in agreeing to a forbearance period through the first quarter of 2016. Having secured additional time to continue ongoing lender discussions, the company is confident in its ability to achieve a consensual financial restructuring that provides Ultrapetrol with a sustainable capital structure that supports the company's long-term business plan and results in long-term value generation for the benefit of all stakeholders.

The forbearance agreement also provides for the appointment of two new, independent directors, as well as but not limited to the formation of a special committee that, among other things, will explore options and make recommendations to the company's board of directors in connection with the restructuring of the company. During this period, the company intends to continue operating its businesses as usual while executing its strategic initiatives to improve operational performance and position the company to benefit from a recovery of global commodity and offshore energy markets.