ITCL - Bondholders meeting
(Thomson Reuters ONE) -
Independent Tankers Corporation Limited ("ITCL") is pleased to inform that
92.90 percent of the Golden State Petroleum Transport Corporation ("Golden
State") holders approved all the suggested amendments in the consent
solicitation as briefly outlined below on December 14, 2010. The minimum
requirement was 50 percent. The near time focus for ITCL will be the sale of the
VLCC Antares Voyager.
On December 8, 2010 Golden State, acting on behalf of Golden State Petro (IOM
I-A) PLC, the owner of the double hull VLCC Antares Voyager (1998), re-launched
a consent solicitation in order to amend the indenture relating to its 8.04%
First Preferred Mortgage Notes due 2019.
The purpose of the consent solicitation was, among other things, (a) to seek
approval for the proposed sale of the Antares Voyager, one of the VLCCs that
serves as part of the collateral for the Notes, (b) to provide for the Antares
Voyager's release as collateral under the related collateral agreements and (c)
to amend and clarify certain other provisions in the Indenture and management
agreements. The consent solicitation also sought approval for the sale in 2013,
if necessary, of the Phoenix Voyager (1999), the other VLCC that serves as part
of the collateral for the Notes.
In addition, the consent solicitation sought approval for the proposed amendment
of the management agreement for each VLCC to provide the trustee under the
Indenture and Frontline Ltd., the Manager of the VLCCs , additional flexibility
in the furnishing and acceptance of an Adequate Bid (as defined in the consent
solicitation statement) for the sale of the VLCCs, and to permit the Manager to
charter a VLCC in the spot charter market or on time charters, if required,
after the termination of the VLCC's current charter and prior to the sale of
such VLCC.
Golden State was soliciting consents because, due to current conditions in the
charter market for VLCCs, the Manager's efforts to enter into a replacement
charter for the Antares Voyager on the terms required by the Indenture (an
"Acceptable Replacement Charter") have failed. Furthermore, the Manager has
determined that no Acceptable Replacement Charter is expected to be available
after the expiration of the Antares Voyager's current charter on December
7, 2010. Although the current charter for the Phoenix Voyager will not
terminate until at least March 2013, Golden State sought to amend the Indenture
and management agreements in respect of the Phoenix Voyager to avoid incurring
the additional expense of seeking further bondholder consent should the Manager
determine in the future that an Acceptable Replacement Charter is not available
for the Phoenix Voyager when its current charter terminates.
Holders of record of the Notes at the close of business on December 7, 2010 that
validly provided their consent to the proposed amendments by 5 p.m. EST on
December 14, 2010 will receive, on February 2, 2011 or as soon as practicable
thereafter, a consent fee of US$5.00 per US$1,000.00 principal amount of the
Notes.
Independent Tankers Corporation Limited
December 15, 2010
Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Independent Tankers Corporation Limited via Thomson Reuters ONE
[HUG#1472669]
Unternehmensinformation / Kurzprofil:
Datum: 15.12.2010 - 09:57 Uhr
Sprache: Deutsch
News-ID 49731
Anzahl Zeichen: 4185
contact information:
Town:
0112 Oslo
Kategorie:
Business News
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"ITCL - Bondholders meeting"
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