Ultrapetrol (Bahamas) Limited announced the completion of a share purchase transaction with respect to the sale of shares of Ultrapetrol between the major shareholders of the Company under terms previously announced on July 13, 2014. As previously announced, as part of the transaction, Felipe Men ndez and Ricardo Men ndez will step down from their respective CEO and Executive Vice President positions, but remain with Ultrapetrol as directors. Simultaneously with Southern Cross' acquisition, the company's Board of Directors announced that it has selected Dami n Scokin to become Ultrapetrol's new Chief Executive Officer, starting November 2014.

Until that time, Horacio Reyser, the company's Chairman and a Partner at Southern Cross Group, will serve as Interim CEO. Dami n Scokin has until now been the CEO of the International Businesses of Latam Airlines Group.