October 7, 2008
K-Sea withdraws general partner IPO
Coastwise tank barge operator K-Sea Transportation Partners L.P. (NYSE: KSP) announced today that it has been informed that the owners of its general partner have withdrawn the registration statement for the proposed initial public offering of K-Sea GP Holdings LP due to the current state of the financial markets.
Timothy J. Casey, President and CEO of K-Sea, said "The fundamentals of our business remain solid and we are confident in our prospects. The possible general partner IPO would have had no impact on our results of operations or financial condition, and its withdrawal also has no impact on us."