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Star Bulk and OceanBulk to Create the Largest U.S. Listed Dry Bulk Company
- Client News
- June 16, 2014
Star Bulk Carriers Corp. announced that it has entered into definitive agreements with entities affiliated with Paul, Weiss client Oaktree Capital Management, L.P. and Star Bulk's nonexecutive Chairman, Mr. Petros Pappas, and certain of his immediate family members (Pappas Investors), pursuant to which Oceanbulk Shipping LLC and Oceanbulk Carriers LLC and entities controlled by the Pappas Investors are expected to become indirect wholly owned subsidiaries of Star Bulk in consideration for the issuance to the Oaktree Investors and the Pappas Investors of 54.104 million shares of common stock of Star Bulk.
Upon completion of the transaction, Oaktree will own 61.3 percent of Star Bulk's shares of common stock. The transaction will create the largest, diversified, ultra-modern U.S. listed dry bulk company.
The Paul, Weiss team included, among others, corporate partners Neil Goldman and Kenneth Schneider; tax partner Richard Bronstein; environmental counsel William O'Brien; intellectual property partner Chuck Googe; and real estate partner Salvatore Gogliormella.