Submitted by WWAY on Tue, 06/08/2010 - 2:27pm.

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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