Upper Lakes Group sells shipping business to Algoma Central for US$85 million

On April 14, 2011, Upper Lakes Group Inc. completed the previously announced sale to Algoma Central Corporation of its partnership interest in Seaway Marine Transport and related entities (collectively, "SMT") along with the vessels and assets owned by Upper Lakes and its affiliates and used by SMT in its Great Lakes - St. Lawrence Waterway dry-bulk freight business. The sale price was $85 million subject to adjustments. Under the terms of the transaction, Upper Lakes sold 11 vessels outright and an order for a 12th vessel to be built in China. Upper Lakes also sold its interest in four jointly-owned vessels and in a fifth jointly-owned vessel that is currently under construction in China Upper Lakes was advised in this disposition by Fasken Martineau with a team led by Richard Johnston and including Ian MacGregor (shipping and maritime), Huy Do (competition), Sean Yang (labour), Dugan Edmison (real estate), Mitchell Thaw (tax) and Paul Casuccio (commodity tax). Fasken Martineau has advised Upper Lakes for over 40 years in connection with its shipping and other businesses.