Frontline Files Restructuring Plan For Golden Ocean

Monday, July 10, 2000
Frontline filed as of July 7 a financial restructuring plan for Golden Ocean Ltd., currently under Chapter XI administration. Two other competing plans were also filed in the time limit defined by the bankruptcy court. The contents of the plans will be evaluated at a hearing scheduled for July 28, and the approved plans will be distributed to the creditors for solicitation of votes.

Frontline's proposal includes that all assets and senior loans will be absorbed by the reorganized Golden Ocean Group. Unsecured creditors will receive a cash dividend of up to 17 percent of face amount. Total unsecured claims are in Frontline's plan capped to a maximum of $305 million.

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