DSS LP definition
Examples of DSS LP in a sentence
In addition, the former senior management of DSS LP lead the Company following the Transactions.
As a result of the Transactions, immediately following the closing, former DSS LP limited partners and holders of CPLP units owned approximately 68% and 32%, respectively, of the Company.
Following the Transactions, the board of directors of the Company consisted of seven members, three that were initially nominated by DSS LP and two that were initially nominated by Capital Maritime & Trading Corp.
The combination is accounted for using DSS LP as the accounting acquirer.
On November 27, 2018, CPLP and DSS LP entered into the Transaction Agreement pursuant to which Diamond S received, via contribution from CPLP, CPLP’s crude and product tankers and associated inventories, $10 million in cash plus the amount of charter hire received in advance but not yet earned and net payments received from the Lockbox Date with specific arrangements relating to the funding of working capital, and such assets were combined with DSS LP’s business and operations.
The Company believes that the respective voting rights of the initial shareholders, the continuity of DSS LP senior management, and the composition of the board of directors of the Company are the most significant factors in determining that DSS LP is the accounting acquirer.
During the preparation of this unaudited pro forma condensed combined financial information, management of DSS LP has performed a review and comparison of Athena’s accounting principles generally accepted in the U.S. (“U.S. GAAP”) accounting policies with DSS LP’s U.S. GAAP accounting policies.
The factors that were considered in determining that DSS LP should be treated as the accounting acquirer in the Transactions were the relative voting rights and the composition of senior management and board of directors of the Company.