MCLEAN'S <MII> U.S. LINES SETS SALE OF ASSETS McLean Industries Inc said its two shipping subsidiaries -- UNITED States Lines Inc and United States Lines (S.A.) Inc -- have agreed in principle to dispose of substantially all their remaining operating shipping assets. The units have been operating under protection of Chapter 11 of the U.S. Bankruptcy Code since last November. McLean said U.S. Lines has a letter of intent with CSX Corp's <CSX> Sea-Land Corp subsidiary to transfer assets of its Transpacific/Hawaii/Guam Service to Sea-Land. McLean said Sea-Land has tentatively agreed to pay 125 mln dlrs for six vessels, certain port facilities, and various other equipment used in U.S. Lines' Transpacific service and theree Lancer class vessels and subsidy rights owned by the two McLean subsidiaries. As previously announced, U.S. Lines (S.A.) will transfer its South American Service to <Crowley Maritime Corp>'s American Transport Lines Inc subsidiary in return for a fixed lease payment for the four Lancer class vessels and a participation based on American Transport's South American revenues. McLean said the agreement also calls for Crowley to release U.S. Lines (S.A.) for any damages and unpaid charter hire for three vessels leased to U.S. Lines (S.A.) by Crowley which have been returned to Crowley. McLean said the minimum lease payments will be seven mln dlrs and estimated revenue participation during the first four years at about 16 mln dlrs. In addition, U.S. Lines (S.A.) subsidiaries in Brazil and Argentina will be sold to American Transport. The company said both agreements in principle have been approved by directors of the companies involved, but still need court, regulatory and lender approval. McLean said it is requesting the bankruptcy court to schedule a hearing on its motion to approve the agreements, adding that the court has granted the company's request to extend for 90 days the period for the shipping companies to file a proposed plan of reorganization. It said the planned transactions will leave McLean with no significant shipping assets except 12 New York class vessels, which are not in operation and are expected to be sold. McLean said its shipping units are returning the vessels operating in foreign commerce to United States ports to permit the planned transfer to purchasers. The company said U.S. Lines will maintain its weekly service from the U.S. West Coast to Hawaii and Guam until the vessels are transferred and the transaction is completed.