New quantumleap for Euronav in the making?

Euronav management further reports that Euronav and GSO Capital Partners LP (“GSO”) (which is a division of Blackstone, one of the world’s leading alternative asset managers and advisory firms) have formed a joint venture for the purpose of potentially purchasing some modern high-quality vessels from certain subsidiaries of OSG (“Sellers”), who are currently in bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code.

 

If the joint venture is the successful bidder for the assets in the bankruptcy sale process, which is being organized as an auction under Chapter 11,the joint venture will sell the vessels to Euronav shortly after Sellers’ delivery of the vessels. In the eventthat the sale of the vessels to Euronav is consummated, affiliates of GSO will receive, as art of purchase price paid by Euronav to the joint venture, both bonds and new equity issued by Euronav.

Source: www.euronav.com

Under US Chapter 11 bankruptcy proceedings OSG is selling three VLCCs and two aframaxes for $255m.

 

 

New quantumleap for Euronav in the making?

Euronav management further reports that Euronav and GSO Capital Partners LP (“GSO”) (which is a division of Blackstone, one of the world’s leading alternative asset managers and advisory firms) have formed a joint venture for the purpose of potentially purchasing some modern high-quality vessels from certain subsidiaries of OSG (“Sellers”), who are currently in bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code.

 

If the joint venture is the successful bidder for the assets in the bankruptcy sale process, which is being organized as an auction under Chapter 11,the joint venture will sell the vessels to Euronav shortly after Sellers’ delivery of the vessels. In the eventthat the sale of the vessels to Euronav is consummated, affiliates of GSO will receive, as art of purchase price paid by Euronav to the joint venture, both bonds and new equity issued by Euronav.

Source: www.euronav.com

Under US Chapter 11 bankruptcy proceedings OSG is selling three VLCCs and two aframaxes for $255m.