Sponsor Support: The Private Equity Deal of the Year

In shipping, and in life, there are some people who stick with it when the going gets tough, others who don’t. While there is generally no explicit contractual obligation for a sponsor to use private resources to support a financially needy public company that they conceived, some nevertheless do – and we think that deserves to be recognized in these pages. With that as a background of rationale, we are pleased to award the 2009 private equity deal of the year to the founders of Seaspan for their proactive infusion of $180 million of preferred equity to strengthen the company’s balance sheet as it headed into market environment that they believed would put the company under stress, but ultimately provide countercyclical opportunities for growth that would benefit both the common and the preferred shareholders.

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