Golden State Petroleum Sells VLCC Ulysses

Golden State Petroleum Corporation’s subsidiary has entered into an agreement to sell the VLCC Ulysses (ex-Phoenix Voyager) to an unrelated third party.

The sale is expected to take place in the first half of March and will comply with the provisions of the Indenture, as amended and supplemented governing the 8.04% First Preferred Mortgage Notes due 2019 issued by the Company.

The price will result in an adequate bid, and pursuant to Section 12.1(d) of the Indenture, the net proceeds from the sale, together with the allocable portion of the debt reserve account, will be applied to redeem the allocated principal amount of notes for the vessel at 100 percent of the principal amount, plus accrued and unpaid interest to the redemption date, 90 days after the sale.

ITCL, March 6, 2014; Image: Wikimedia

Share this article

Follow World Maritime News

In Depth>


<< May 2019 >>
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >