WL Ross has completed the purchase of 4.4 million common shares of Navigator owned by Lehman Brothers Inc (LBI) for approximately USD110m.
The 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 maximising value for the shares for the benefit of customers and general creditors.
The purchase brings WL Ross’ total stake in Navigator to over 50 per cent. 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.
Wilbur Ross, Jr (pictured), chairman of WL Ross, says: "This was a fair transaction for all parties. It also relieves the company of the uncertainty about what would happen to the shares owned by Lehman, previously the largest single block of Navigator stock. We are fully supportive of management and look forward to helping them continue to build the company for the benefit of all shareholders."
