Marine Link
Sunday, October 23, 2016

OSG Withdraws Authorization to Sell Assets

February 14, 2014

Photo: Euronav

Photo: Euronav

On February 4, 2014, Euronav announced that it had formed a joint venture with GSO Capital Partners LP (GSO) for the purpose of potentially purchasing some vessels from certain subsidiaries of Overseas Shipholding Group (OSGIQ) (OSG) who are currently in bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code.

On 12 February 2014, OSG made a filing announcing that its debtors entered into an agreement in which they confirmed that debtors will withdraw their previously-announced motion for authorization to sell the vessels over which CEXIM had security interests and which were the vessels being bid upon by the joint venture. As a consequence, the joint venture can no longer acquire those assets under the bankruptcy sale process, which was going to be organized as an auction under Chapter 11.

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News