August 18, 2015
Willkie client SSA Marine enters into JV to pursue development of Gateway Pacific Terminal in Washington State.
On August 13, 2015, Willkie client SSA Marine, a subsidiary of Carrix, Inc., announced that it entered into a joint venture with Cloud Peak Energy to pursue the development of the Gateway Pacific Terminal, located in the Northwest corner of Washington State. The Gateway Pacific Terminal is a planned 54 million metric ton, dry bulk, deep water export terminal designed to handle commodities such as coal, grain, and potash. GPT will be the only U.S. Pacific Northwest terminal with natural deep water accommodating cost saving cape size bulk vessels. Under the new ownership structure, SSA Marine remains the majority owner retaining 51% of the company’s shares; Cloud Peak Energy owns 49%; and the Crow Tribe of Indians will have an option to secure 5% from Cloud Peak Energy.
The deal was handled by partners Russell Leaf and James Brown, of counsel Daniel Backer, and associates Del Ladd, Jennifer Coffey and Christina Castedo.
