OSG WITHDRAWS AUTHORIZATION TO SELL TANKERS TO EURONAV

 

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.

OSG WITHDRAWS AUTHORIZATION TO SELL TANKERS TO EURONAV

 

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.