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Former Blackwater seeks new owner

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RALEIGH, N.C. -- The security firm formerly known as Blackwater is looking for new ownership.

The North Carolina-based company now called Xe (ZEE) Services announced its decision to pursue the sale in a brief statement Monday.

Xe says it has made significant changes to the company over the past 15 months that will enhance its value to a prospective buyer.

Under the name Blackwater, the company became well-known for providing guards and services to the U.S. military.

It's been trying to rehabilitate its image since a 2007 shooting in Baghdad that killed 17 people and led to federal charges against several Blackwater guards.

In February, Xe sold its aviation division for $200 million in a bid to strengthen its balance sheet.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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