Windsor Petroleum Transport Files for Bankruptcy Protection

Bermuda-based oil shipper Windsor Petroleum Transport (WPT) Corporation, a subsidiary of Frontline ltd, has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware.

The company, which operates four very large crude carriers (Pioneer, Progress, British Pride and British Purpose), recorded a debt of over $100 million and assets worth about $50,000 in its Chapter 11 petition.

The company has entered into a restructuring support agreement with bondholders who hold over 70% of the company`s 7.84% secured notes in a principal amount of $188,590,000.00 as of this date,” WPT said in a statement.

“Under the restructuring and support agreement, the supporting holders of the Notes have agreed to support a plan of reorganization that would convert claims on account of the notes for 100% of the equity in the reorganized company.”

According to WPT, Frontline Ltd will enter into a revised management agreement with the reorganized company and will continue to provide commercial management for its vessels.

During the restructuring process, the company said that it anticipates operating as usual, “meeting all its ongoing trade obligations, and expects to implement the restructuring and emerge from the court-supervised process expeditiously.”

Eight Windsor units also filed for bankruptcy protection.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
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 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >