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Puerto Rico government assumes $310 million debt.
Navieras de Puerto Rico, its balance sheet wiped clean of $310 million in long-term debt, has been reborn as a privatized company and expects to turn a profit this year.
After years of false starts, negotiations and political bickering, Puerto Rico's government closed a deal in late February to sell the shipping line to an investor group for $140 million.
The new company, based in Edison, N.J., is called Navieras Puerto Rico Inc. It is owned by Pyramid Ventures, a subsidiary of BT Investment Partners of New York; Berkshire Partners of Boston, and members of the carrier's new management.
"We plan to be profitable right out of the chute," said Ronald M. Katims, a veteran shipping executive who was immediately hired …