OSG Withdraws Authorization to Sell Assets

MarineLink.com
Friday, February 14, 2014
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 (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.

euronav.com
 

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