Barber Oil Corporation has announced the sale of its tanker operating subsidiary, Trinidad Corporation, for $25.5 million to Apex Shipping, Inc., a subsidiary of Apex Oil Company, a privately held company based in St. Louis, Mo.
Barber shareholders adopted a plan of voluntary liquidation of the corporation late last year, which action contemplated sale of the corporation's assets in a series of transactions and the distribution of the proceeds to Barber shareholders. The corporation has completed sale of both its U.S. and Canadian oil and gas assets, its maritime assets, and its 50 percent interest in American Gilsonite Company. The corporation's only remaining significant assets are its coal operations in southwestern Virginia. Negotiations for sale of the coal assets are continuing.