|
OMB
APPROVAL
OMB
Number: 3235-0287
Expires:
February 28, 2011
Estimated
average burden
hours
per response………11
|
|
|
|
|
|
Ultrapetrol
(Bahamas) Limited
|
|
(Name
of Issuer)
|
|
Common
Stock
|
|
(Title
of Class of Securities)
|
|
P94398
10 7
|
|
(CUSIP
Number)
|
|
December
31, 2009
|
|
(Date
of Event Which Requires Filing of this
Statement)
|
|
CUSIP
No.
|
P94398
10 7
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
1.
|
NAME
OF REPORTING PERSONS
|
|
||
|
|
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|
||
|
|
|
|
||
|
|
Inversiones
Los Avellanos S.A.
|
|
||
|
|
N/A
|
|
||
|
2.
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
|||
|
|
|
(a) [X]
|
||
|
|
|
(b) [_]
|
||
|
|
|
|
||
|
3.
|
SEC
USE ONLY
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
4.
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
|
|
||
|
|
|
|
||
|
|
Chile
|
|
||
|
|
|
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
|
||||
|
|
|
|
||
|
5.
|
SOLE
VOTING POWER
|
|
||
|
|
|
|
||
|
|
0
|
|
||
|
|
|
|
||
|
6.
|
SHARED
VOTING POWER
|
|
||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
7.
|
SOLE
DISPOSITIVE POWER
|
|
||
|
|
|
|
||
|
|
0
|
|
||
|
|
|
|
||
|
8.
|
SHARED
DISPOSITIVE POWER
|
|
||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
9.
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
10.
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
|
|
||
|
|
|
[_]
|
||
|
|
|
|
||
|
|
|
|
||
|
11.
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
|
|
||
|
|
|
|
||
|
|
26.8%
|
|
||
|
|
|
|
||
|
12.
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|
||
|
|
|
|
||
|
|
CO
|
|
||
|
CUSIP
No.
|
P94398
10 7
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
1.
|
NAME
OF REPORTING PERSONS
|
|
||
|
|
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|
||
|
|
|
|
||
|
|
SIPSA
S.A.
|
|
||
|
|
N/A
|
|
||
|
2.
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
|||
|
|
|
(a) [X]
|
||
|
|
|
(b) [_]
|
||
|
|
|
|
||
|
3.
|
SEC
USE ONLY
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
4.
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
|
|
||
|
|
|
|
||
|
|
CHILE |
|
||
|
|
|
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
|
||||
|
|
|
|
||
|
5.
|
SOLE
VOTING POWER
|
|
||
|
|
|
|
||
|
|
0
|
|
||
|
|
|
|
||
|
6.
|
SHARED
VOTING POWER
|
|
||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
7.
|
SOLE
DISPOSITIVE POWER
|
|
||
|
|
|
|
||
|
|
0
|
|
||
|
|
|
|
||
|
8.
|
SHARED
DISPOSITIVE POWER
|
|
||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
9.
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
10.
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
|
|
||
|
|
|
[_]
|
||
|
|
|
|
||
|
|
|
|
||
|
11.
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
|
|
||
|
|
|
|
||
|
|
26.8%
|
|
||
|
|
|
|
||
|
12.
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|
||
|
|
|
|
||
|
|
CO
|
|
||
|
CUSIP
No.
|
P94398
10 7
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
1.
|
NAME
OF REPORTING PERSONS
|
|
||
|
|
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|
||
|
|
|
|
||
|
|
Hazels
(Bahamas) Investments Inc.
|
|
||
|
|
N/A
|
|
||
|
2.
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
|||
|
|
|
(a) [X]
|
||
|
|
|
(b) [_]
|
||
|
|
|
|
||
|
3.
|
SEC
USE ONLY
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
4.
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
|
|
||
|
|
|
|
||
|
|
Commonwealth
of the Bahamas
|
|
||
|
|
|
|
||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
|
||||
|
|
|
|
||
|
5.
|
SOLE
VOTING POWER
|
|
||
|
|
|
|
||
|
|
0
|
|
||
|
|
|
|
||
|
6.
|
SHARED
VOTING POWER
|
|
||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
7.
|
SOLE
DISPOSITIVE POWER
|
|
||
|
|
|
|
||
|
|
0
|
|
||
|
|
|
|
||
|
8.
|
SHARED
DISPOSITIVE POWER
|
|
||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
9.
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|||
|
|
|
|
||
|
|
8,010,469
(1) (2)
|
|
||
|
|
|
|
||
|
10.
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
|
|
||
|
|
|
[_]
|
||
|
|
|
|
||
|
|
|
|
||
|
11.
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
|
|
||
|
|
|
|
||
|
|
26.8%
|
|
||
|
|
|
|
||
|
12.
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|
||
|
|
|
|
||
|
|
CO
|
|
||
|
CUSIP
No.
|
P94398
10 7
|
|
||
|
|
|
|||
|
|
|
|||
|
1.
|
NAME
OF REPORTING PERSONS
|
|||
|
|
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|||
|
|
|
|||
|
|
Solimar
Holdings Ltd.
|
|||
|
|
N/A
|
|||
|
2.
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
|||
|
|
|
(a) [X]
|
||
|
|
|
(b) [_]
|
||
|
|
|
|||
|
3.
|
SEC
USE ONLY
|
|||
|
|
|
|||
|
|
|
|||
|
|
|
|||
|
4.
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
|
|||
|
|
|
|||
|
|
Bermuda
|
|||
|
|
|
|||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
|
||||
|
|
|
|||
|
5.
|
SOLE
VOTING POWER
|
|||
|
|
|
|||
|
|
0
|
|||
|
|
|
|||
|
6.
|
SHARED
VOTING POWER
|
|||
|
|
|
|||
|
|
8,010,469
(1) (2)
|
|||
|
|
|
|||
|
7.
|
SOLE
DISPOSITIVE POWER
|
|||
|
|
|
|||
|
|
0
|
|||
|
|
|
|||
|
8.
|
SHARED
DISPOSITIVE POWER
|
|||
|
|
|
|||
|
|
8,010,469
(1) (2)
|
|||
|
|
|
|||
|
9.
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|||
|
|
|
|||
|
|
8,010,469
(1) (2)
|
|||
|
|
|
|||
|
10.
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
|
|||
|
|
|
[_]
|
||
|
|
|
|||
|
|
|
|||
|
11.
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
|
|||
|
|
|
|||
|
|
26.8%
|
|||
|
|
|
|||
|
12.
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|||
|
|
|
|||
|
|
CO
|
|||
|
CUSIP
No.
|
P94398
10 7
|
|
||
|
|
|
|||
|
|
|
|||
|
1.
|
NAME
OF REPORTING PERSONS
|
|||
|
|
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|||
|
|
|
|||
|
|
Felipe
Menendez R.
|
|||
| N/A | ||||
|
|
|
|||
|
2.
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
|||
|
|
|
|||
|
|
|
(a) [X]
|
||
|
|
|
(b) [_]
|
||
|
3.
|
SEC
USE ONLY
|
|||
|
|
|
|||
|
|
|
|||
|
|
|
|||
|
4.
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
|
|||
|
|
|
|||
|
|
Chile
|
|||
|
|
|
|||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
|
||||
|
|
|
|||
|
5.
|
SOLE
VOTING POWER
|
|||
|
|
|
|||
|
|
310,000
(3)
|
|||
|
|
|
|||
|
6.
|
SHARED
VOTING POWER
|
|||
|
|
|
|||
|
|
8,010,469
(1) (2)
|
|||
|
|
|
|||
|
7.
|
SOLE
DISPOSITIVE POWER
|
|||
|
|
|
|||
|
|
310,000
(3)
|
|||
|
|
|
|||
|
8.
|
SHARED
DISPOSITIVE POWER
|
|||
|
|
|
|||
|
|
8,010,469
(1) (2)
|
|||
|
|
|
|||
|
9.
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|||
|
|
|
|||
|
|
8,320,469
(1) (2) (3)
|
|||
|
|
|
|||
|
10.
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
|
|||
|
|
|
[_]
|
||
|
|
|
|||
|
|
|
|||
|
11.
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
|
|||
|
|
|
|||
|
|
27.8%
|
|||
|
|
|
|||
|
12.
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|||
|
|
|
|||
|
|
IN
|
|||
|
CUSIP
No.
|
P94398
10 7
|
|
||
|
|
|
|||
|
|
|
|||
|
1.
|
NAME
OF REPORTING PERSONS
|
|||
|
|
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|||
|
|
|
|||
|
|
Ricardo
Menendez R.
|
|||
| N/A | ||||
|
|
|
|||
|
2.
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
|||
|
|
|
|||
|
|
|
(a) [X]
|
||
|
|
|
(b) [_]
|
||
|
3.
|
SEC
USE ONLY
|
|||
|
|
|
|||
|
|
|
|||
|
|
|
|||
|
4.
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
|
|||
|
|
|
|||
|
|
Argentina
|
|||
|
|
|
|||
|
NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
|
||||
|
|
|
|||
|
5.
|
SOLE
VOTING POWER
|
|||
|
|
|
|||
|
|
310,000
(3)
|
|||
|
|
|
|||
|
6.
|
SHARED
VOTING POWER
|
|||
|
|
|
|||
|
|
8,010,469
(1) (2)
|
|||
|
|
|
|||
|
7.
|
SOLE
DISPOSITIVE POWER
|
|||
|
|
|
|||
|
|
310,000
(3)
|
|||
|
|
|
|||
|
8.
|
SHARED
DISPOSITIVE POWER
|
|||
|
|
|
|||
|
|
8,010,469
(1) (2)
|
|||
|
|
|
|||
|
9.
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|||
|
|
|
|||
|
|
8,320,469
(1) (2) (3)
|
|||
|
|
|
|||
|
10.
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
|
|||
|
|
|
[_]
|
||
|
|
|
|||
|
|
|
|||
|
11.
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
|
|||
|
|
|
|||
|
|
27.8%
|
|||
|
|
|
|||
|
12.
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|||
|
|
|
|||
|
|
IN
|
|||
|
CUSIP
No.
|
P94398
10 7
|
|
|
Item
1.
|
(a).
|
Name
of Issuer:
|
|
|
|
|
|
|
|
|
|
Ultrapetrol
(Bahamas) Limited
|
|
|
|
(b).
|
Address
of issuer's principal executive offices:
|
|
|
|
|
|
|
|
|
|
Ocean
Centre, Montagu Foreshore
East
Bay St., P.O. Box SS-19084
Nassau,
Bahamas
|
|
|
Item
2.
|
(a).
|
Name
of person filing:
|
|
|
|
|
|
|
|
|
|
Inversiones
Los Avellanos S.A.
SIPSA S.A.
Hazels (Bahamas) Investments Inc.
Felipe
Menendez R.
Ricardo
Menendez R.
Solimar
Holdings Ltd.
|
|
|
|
(b).
|
Address
or principal business office or, if none, residence:
|
|
|
|
|
|
|
|
|
|
Inversiones
Los Avellanos S.A.
Hazels (Bahamas) Investments Inc.
Felipe
Menendez R.
Ricardo
Menendez R.
Ocean
Centre, Montagu Foreshore
East
Bay St., P.O. Box SS-19084
Nassau,
Bahamas
SIPSA S.A.
Av. El Bosque Norte 0440,
Piso 11, of. 1101
Santiago, Chile
Solimar
Holdings Ltd.
AIG-GE
Capital Latin American Infrastructure Fund L.P.
29
Richmond Road
Pembroke
HM 08
Bermuda
|
|
|
|
(c).
|
Citizenship:
|
|
|
|
|
|
|
|
|
|
Inversiones
Los Avellanos S.A. - Chile
SIPSA S.A. - Chile
Hazels (Bahamas) Investments Inc. - Commonwealth of the
Bahamas
Felipe
Menendez R. - Chile
Ricardo
Menendez R. - Argentina
Solimar
Holdings Ltd. - Bermuda
|
|
|
|
(d).
|
Title
of class of securities:
|
|
|
|
|
|
|
|
|
|
Common
Stock, par value $0.01 per share
|
|
|
|
(e).
|
CUSIP
No.:
|
|
|
|
|
|
|
|
|
|
P94398
10 7
|
|
|
Item
3.
|
|
If
This Statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or
(c), check whether the person filing is
a
|
|
|
(a)
|
[_]
|
Broker
or dealer registered under section 15 of the Act (15 U.S.C.
78o).
|
|
|
(b)
|
[_]
|
Bank
as defined in section 3(a)(6) of the Act (15 U.S.C.
78c).
|
|
|
(c)
|
[_]
|
Insurance
company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c).
|
|
|
(d)
|
[_]
|
Investment
company registered under section 8 of the Investment Company Act of 1940
(15 U.S.C. 80a-8).
|
|
|
(e)
|
[_]
|
An
investment adviser in accordance with §
240.13d-1(b)(1)(ii)(E);
|
|
|
(f)
|
[_]
|
An
employee benefit plan or endowment fund in accordance with §
240.13d-1(b)(1)(ii)(F);
|
|
|
(g)
|
[_]
|
A
parent holding company or control person in accordance with
§240.13d-1(b)(1)(ii)(G);
|
|
|
(h)
|
[_]
|
A
savings association as defined in Section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C.1813);
|
|
|
(i)
|
[_]
|
A
church plan that is excluded from the definition of an investment company
under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C.
80a-3);
|
|
|
(j)
|
[_]
|
A
non-U.S. institution in accordance with
§240.13d-1(b)(1)(ii)(J);
|
|
|
(k)
|
[_]
|
Group,
in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a
non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please
specify the type of institution:
|
|
|
|
|
|
|
|
|
|
Item
4.
|
Ownership.
|
|
|
Provide
the following information regarding the aggregate number and percentage of
the class of securities of the issuer identified in Item
1.
|
|
|
(a)
|
Amount
beneficially owned:
|
|
|
|
|
|
|
|
Inversiones
Los Avellanos S.A. - 8,010,469 (1)(2)
SIPSA
S.A. - 8,010,469 (1)(2)
Hazels
(Bahamas) Investments Inc. - 8,010,469 (1)(2)
Solimar
Holdings Ltd. - 8,010,469 (1)(2)
Felipe
Menendez R. - 8,320,469 (1)(2)(3)
Ricardo
Menendez R. - 8,320,469 (1)(2)(3)
|
|
|
(b)
|
Percent
of class:
|
|
|
|
|
|
|
|
Inversiones
Los Avellanos S.A. – 26.8%
SIPSA S.A. - 26.8%
Hazels (Bahamas) Investments Inc. - 26.8%
Solimar
Holdings Ltd. – 26.8%
Felipe
Menendez R. - 27.8%
Ricardo
Menendez R. - 27.8%
|
|
|
(c)
|
Number
of shares as to which the person has:
|
|
|
|
|
|
|
|
(i)
|
Sole
power to vote or to direct the vote
|
Inversiones
Los Avellanos S.A. – 0
SIPSA S.A. - 0
Hazels (Bahamas) Investments Inc. - 0
Solimar
Holdings Ltd. – 0
Felipe
Menendez R. – 310,000 (3)
Ricardo
Menendez R. - 310,000 (3)
|
|
|
|
|
|
|
|
|
|
|
|
(ii)
|
Shared
power to vote or to direct the vote
|
Inversiones
Los Avellanos S.A. - 8,010,469 (1)(2)
SIPSA S.A. - 8,010,469 (1)(2)
Hazels (Bahamas) Investments Inc. - 8,010,469 (1)(2)
Solimar
Holdings Ltd. - 8,010,469 (1)(2)
Felipe
Menendez R. - 8,010,469 (1)(2)
Ricardo
Menendez R. - 8,010,469 (1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
(iii)
|
Sole
power to dispose or to direct the disposition of
|
Inversiones
Los Avellanos S.A. - 0
SIPSA S.A. - 0
Hazels (Bahamas) Investments Inc. - 0
Solimar
Holdings Ltd. - 0
Felipe
Menendez R. - 310,000 (3)
Ricardo
Menendez R. - 310,000 (3)
|
|
|
|
|
|
|
|
|
|
|
|
(iv)
|
Shared
power to dispose or to direct the disposition of
|
Inversiones
Los Avellanos S.A. - 8,010,469 (1)(2)
SIPSA S.A. - 8,010,469 (1)(2)
Hazels (Bahamas) Investments Inc. - 8,010,469
(1)(2)
Solimar
Holdings Ltd. - 8,010,469 (1)(2)
Felipe
Menendez R. - 8,010,469 (1)(2)
Ricardo
Menendez R. - 8,010,469 (1)(2)
|
|
|
|
|
|
|
|
|
|
|
Inversiones
Los Avellanos S.A. ("Los Avellanos"), SIPSA S.A., Hazels (Bahamas)
Investments Inc. ("Hazels"),
Felipe Menendez R. and Ricardo Menendez R. each expressly disclaim any
beneficial ownership interest in Ultrapetrol shares owned by Solimar
Holdings Ltd. ("Solimar"), and the filing of this Schedule 13G shall not
be construed as an admission that they are the beneficial owners of any
Ultrapetrol shares owned by Solimar. Solimar also expressly disclaims any
beneficial ownership interest in Ultrapetrol shares owned by Los
Avellanos, Hazels, SIPSA S.A., Felipe Menendez R. and Ricardo Menendez R.,
and the filing of this Schedule 13G shall not be construed as an admission
that Solimar is the beneficial owner of any Ultrapetrol shares owned by
any of Los Avellanos, Hazels, SIPSA S.A., Felipe Menendez R. or Ricardo
Menendez R. In addition, each of Felipe Menendez R. and Ricardo Menendez
R. disclaim any beneficial ownership interest in Ultrapetrol shares owned
by Los Avellanos, Hazels and SIPSA S.A., except to the extent of their
pecuniary interest therein.
|
||||
|
|
(1)
|
Includes
4,735,517, 150,878 and 2,977,690 shares which are held by Los Avellanos,
Hazels and Solimar, respectively, and 146,384 warrants to purchase shares
of common stock held by Solimar that are exercisable within sixty days.
Hazels is a 99.8% owned subsidiary of Los Avellanos. The voting
power for the shares is combined pursuant to an agreement between Los
Avellanos, Hazels and Solimar (the "Voting Agreement") whereby Los
Avellanos, Hazels and Solimar have agreed to vote their respective shares
together in all matters where a vote of the Issuer's shareholders is
required.
|
|
|
(2)
|
Los
Avellanos is a wholly-owned subsidiary of SIPSA S.A., a company controlled
by Felipe Menendez R. ("F. Menendez"), the Issuer's President, Chief
Executive Officer and a Director, Ricardo Menendez R. ("R. Menendez"), the
Issuer's Executive Vice President and a Director and certain of Messrs. F.
Menendez and R. Menendez's family
members.
|
|
|
(3)
|
Represents shares
issued to companies controlled by each of F. Menendez and R. Menendez, of
which 155,000 shares remain subject to applicable vesting
periods.
|
|
|
Instruction: For
computations regarding securities which represent a right to acquire an
underlying security see §240.13d-3(d)(1).
|
|
|
|
|
|
|
|
Item
5.
|
Ownership
of Five Percent or Less of a Class.
|
|
|
If
this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following
[_].
|
|
|
|
|
|
|
|
Item
6.
|
Ownership
of More Than Five Percent on Behalf of Another
Person.
|
|
|
If
any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of,
such securities, a statement to that effect should be included in response
to this item and, if such interest relates to more than 5 percent of the
class, such person should be identified. A listing of the
shareholders of an investment company registered under the Investment
Company Act of 1940 or the beneficiaries of employee benefit plan, pension
fund or endowment fund is not required.
|
|
|
|
|
|
N/A
|
|
|
|
|
Item
7.
|
Identification
and Classification of the Subsidiary Which Acquired the Security Being
Reported on by the Parent Holding Company or Control
Person.
|
|
|
If
a parent holding company or control person has filed this schedule,
pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and
attach an exhibit stating the identity and the Item 3 classification of
the relevant subsidiary. If a parent holding company or control
person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d),
attach an exhibit stating the identification of the relevant
subsidiary.
|
|
|
|
|
|
N/A
|
|
|
|
|
Item
8.
|
Identification
and Classification of Members of the
Group.
|
|
|
If
a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so
indicate under Item 3(j) and attach an exhibit stating the identity and
Item 3 classification of each member of the group. If a group
has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach
an exhibit stating the identity of each member of the
group.
|
|
|
|
|
|
Los
Avellanos, SIPSA S.A., Hazels (Bahamas) Investments Inc., Solimar, Felipe
Menendez R. and Ricardo Menendez R. may be deemed to be a part of a group
of persons, identified in Item 4 hereof, jointly holding beneficial
ownership of Ultrapetrol common stock. Los Avellanos, SIPSA
S.A., Hazels (Bahamas) Investments Inc., Felipe Menendez R. and Ricardo
Menendez R. are not responsible for the completeness and accuracy of the
information contained herein concerning Solimar, and Solimar is not
responsible for the completeness and accuracy of the information contained
herein concerning Los Avellanos, SIPSA S.A., Hazels (Bahamas) Investments
Inc., Felipe Menendez R. and Ricardo Menendez R.
|
|
|
|
|
Item
9.
|
Notice
of Dissolution of Group.
|
|
|
Notice
of dissolution of a group may be furnished as an exhibit stating the date
of the dissolution and that all further filings with respect to
transactions in the security reported on will be filed, if required, by
members of the group, in their individual capacity. See Item
5.
|
|
|
|
|
|
N/A
|
|
|
|
|
Item
10.
|
Certification.
|
|
|
|
|
|
N/A
|
|
February
16, 2010
|
Inversiones
Los Avellanos
|
|||
|
By:
|
/s/ Julio Menendez | |||
|
Name: Julio
Menendez
|
||||
|
Title:
President
|
||||
|
By:
|
/s/ Felipe Menendez R. | |||
|
Name: Felipe
Menendez R.
|
||||
|
Title:
Attorney-in-Fact
|
||||
|
SIPSA
S.A.
|
||||
|
By:
|
/s/ Julio Menendez | |||
|
Name: Julio
Menendez
|
||||
|
Title:
President and Director
|
||||
| By: | /s/ Felipe Menendez R. | |||
| Name: Felipe Menendez R. | ||||
| Title: Director | ||||
|
Hazels
(Bahamas) Investments Inc.
|
||||
|
By:
|
/s/ Julio Menendez | |||
|
Name: Julio
Menendez
|
||||
|
Title:
Attorney-in-fact
|
||||
| /s/ Felipe Menendez R. | ||||
| Felipe Menendez R. | ||||
| /s/ Ricardo Menendez R. | ||||
| Ricardo Menendez R. | ||||
|
Solimar
Holdings Ltd.
|
||||
|
By:
|
/s/ Mark Waddington | |||
|
Name: Mark Waddington
|
||||
|
Title:
Vice President and Treasurer
|
||||
|
Inversiones
Los Avellanos
|
||||
|
By:
|
/s/ Julio Menendez | |||
|
Name: Julio
Menendez
|
||||
|
Title:
President
|
||||
|
By:
|
/s/ Felipe Menendez R. | |||
|
Name: Felipe
Menendez R.
|
||||
|
Title:
Attorney-in-Fact
|
||||
|
SIPSA
S.A.
|
||||
|
By:
|
/s/ Julio Menendez | |||
|
Name: Julio
Menendez
|
||||
|
Title:
President and Director
|
||||
| By: | /s/ Felipe Menendez R. | |||
| Name: Felipe Menendez R. | ||||
| Title: Director | ||||
|
Hazels
(Bahamas) Investments Inc.
|
||||
|
By:
|
/s/ Julio Menendez | |||
|
Name: Julio
Menendez
|
||||
|
Title:
Attorney-in-fact
|
||||
| /s/ Felipe Menendez R. | ||||
| Felipe Menendez R. | ||||
| /s/ Ricardo Menendez R. | ||||
| Ricardo Menendez R. | ||||
|
Solimar
Holdings Ltd.
|
||||
|
By:
|
/s/ Mark Waddington | |||
|
Name: Mark Waddington
|
||||
|
Title:
Vice President and Treasurer
|
||||