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Another SPAC Finds a Target
On August 27th, Tailwind Financial Inc. (“Tailwind”) announced that it had signed a letter of intent with GrandUnion Inc. (“GrandUnion”) to acquire 20 drybulk vessels, of approximately 2 million DWT, including 9 newbuildings to be delivered in 2010 and 2011. The 11 on the water vessels are valued in excess of $600 million and are expected to generate EBITDA in excess of $113 million for 2009.
The surviving company will be managed by Nicholas Fistes and Michael Zolotas, the principals of GrandUnion and Alan Shaw. Both Messrs. Fistes and Zolotas have extensive shipping experience. The former will serve as
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Tags: · Alan Shaw, C&Heavy Industries, Deutsche Bank, GrandUnion Inc., Inc., Michael Zolotas, Newfront Shipping S.A., Newlead Shipping S.A., Nicholas Fistes, SPP Shipbuilding, Stamford Navigation, Sundong, Tailwind Financial Inc.
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