|  Clifton Linton

Global Partners Ends Railcar Leases Early in $10-Million Cost-Saving Measure

Global Partners LP said Thursday that its wholly owned subsidiary, Global Companies LLC, has signed an agreement to terminate early a sublease for 1,610 railcars leased from a third party. The move is expected to save the company $10 million. As part of the agreement, in the fourth quarter of 2016 Global will make a one-time discounted lease-termination payment, a company statement said. The payment represents a discount of approximately $10.2 million from approximately $72 million in railcar lease payments that Global Companies would have been obligated to pay over the next three years. The termination of the sublease eliminates future lease payments related to these rai...

Please log in or register for a free account to view the rest of this post.