OCTOBER 17, 2012 — Investment management company WL Ross & Co. today reported completion of the purchase of 4.4 million common shares of Navigator Holdings Ltd. that had been owned by Lehman Brothers Inc. for approximately $110 million.
Navigator Holdings Ltd. is a leading player in the handy-sized LPG sector, operating a fleet of 14 semi-refrigerated gas carriers, accounting for approximately 16 percent of the fleet capacity in its chosen sector. The company has up to another six 21,000 cu.m semi-refrigerated, ethylene capable gas carriers on order at China's Jiangnan Shipyard.
The sale of the Lehman shares to WL Ross was approved by Bankruptcy Judge James M. Peck of the Bankruptcy Court in the Southern District of New York overseeing the liquidation of Lehman Brothers, the investment house whose 2008 bankruptcy filing was the largest bankruptcy in U.S. history.
The purchase brings WL Ross' total stake in Navigator to over 50 percent. 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., Chairman of WL Ross & Co., said, "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."