OSG withdraws authorization to sell assets

Breaking News, Mergers and Acquisitions, Stock Markets — By on February 14, 2014 at 6:40 PM

EURONAV funnelANTWERP, Belgium, 14 February 2014 – Reference is made to the press releases of 4 February 2014 in which Euronav announced that it had formed a joint venture (“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.

Annual report 2013 available on website: Monday, 31 March 2014
About Euronav
Euronav is one of the world’s leading independent tanker companies engaged in the ocean transportation and storage of crude oil and petroleum products. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on NYSE Euronext Brussels under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned fleet, consists of 35 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 10 VLCCs of which 1 in joint venture (including the VLCC Luxembourg which is already sold but will be delivered between May 2014 and mid-June) and 22 Suezmaxes (of which 4 in joint venture). Deliveries of the Maersk VLCCs will take place shortly, increasing the Euronav tanker fleet by 15 VLCCs. Euronav vessels mainly fly Belgian, Greek and French flag. More detailed information can be found on the company’s website: www.euronav.com.
Regulated information within the meaning of the Royal Decree of 14 November 2007.

Tags: ,

Leave a Reply

IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

What is 2 + 15 ?
Please leave these two fields as-is:

Trackbacks

Leave a Trackback