Business
ALGOMA CENTRAL CORPORATION Announces Agreement to Acquire Upper Lakes Group Interests in Seaway Marine Transport
Feb. 25, 2011 (Canada NewsWire Group) -- (TSX: ALC) TORONTO, Feb. 25 /CNW/ - Algoma Cen...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n Feb. 25, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n(TSX: ALC)\n\n\nTORONTO, Feb. 25 /CNW/ - Algoma Central Corporation ("Algoma") announced\n today that it has entered into a definitive agreement to acquire from\n Upper Lakes Group Inc. ("ULG") its partnership interest in Seaway\n Marine Transport and related entities (collectively, "SMT") along with\n the vessels and assets owned by ULG and its affiliates and used by SMT\n in its Great Lakes - St. Lawrence Waterway dry-bulk freight business.\n\n\nUnder the terms of the transaction, Algoma will acquire 11 vessels\n currently owned by ULG, consisting of four gearless and seven\n self-unloading bulk freighters. Algoma will also acquire ULG's interest\n in two gearless and two self-unloading bulk freighters that are now\n owned jointly by Algoma and ULG as well as ULG's interest in a\n self-unloader currently under construction at Chengxi Shipyard in\n China, which is expected to arrive in Canada in July, 2011. The\n purchase price under the transaction is $85,000,000, subject to certain\n adjustments. The transaction is expected to close by the end of March,\n 2011, subject to customary closing conditions including receipt of all\n required regulatory approvals.\n\n\nOn December 21, 2010, Algoma announced the signing of an agreement for\n the purchase of four new maximum St. Lawrence Seaway-sized dry-bulk\n lake freighters from Nantong Mingde Shipyard in China ("NMD"). The\n or...