Frontline Reaches Agreement With Golden Ocean Creditors

Monday, July 31, 2000
Frontline has reportedly secured backing from major creditors of U.S. tanker group Golden Ocean for a takeover plan. Frontline has reached an agreement with creditors holding $101.1 million of Golden Ocean's 10 percent senior notes due 2001, it said in a statement to the Oslo bourse. The entire issue of Golden Ocean Bonds totaled $291 million. Accordingly, with this agreement, Frontline has the support of more than $210 million of the Golden Ocean Bonds. It said that Golden Ocean bond holders had agreed to vote for its plan for reorganization in the Golden Ocean bankruptcy case. In return, Frontline agreed to pay Golden Ocean's unsecured creditors Frontline common shares with a value of up to 20 percent of each allowed claim or cash in the amount of 17 percent of each allowed claim. A full take-over of Golden Ocean will increase Frontline's controlled fleet to 29 VLCCs and 28 Suezmaxes.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Benghazi Port Still Closed, Imports Rerouted

The commercial port in Libya's second city, Benghazi, remains closed due to fighting between pro-government and Islamist forces, forcing wheat imports to make a detour via Tobruk harbour,

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1300 sec (8 req/sec)