March 26, 2010

Eton Park Capital Enters Into Joint Venture

Euroseas Ltd., an owner and operator of container carrier and drybulk vessels, announced this morning that it has entered into a joint venture with companies managed by Paul, Weiss client Eton Park Capital Management, L.P. and an affiliate of Rhone Capital III L.P., to form Euromar LLC. Euromar's business will consist of acquiring, maintaining, managing, operating and the disposal of shipping vessels. Pursuant to the terms of the joint venture, Euroseas will invest up to $25 million, while Eton Park and Rhone will each invest up to $75 million, with each holding a proportionate ownership interest in Euromar. The Paul, Weiss team representing Eton Park included corporate partner Kelley Parker, associates Julie D'Ambruoso and Lucy Popkin; tax partner Jeff Samuels and associate David Buchwald.