Euronav/OSG deal on hold

Feb 21 2014

Overseas Shipholding Group’s (OSG) debtors have blocked Euronav’s move to purchase five tankers.

The Belgian tanker concern had formed a joint venture company with GSO Capital Partners to buy three VLCCs and two Aframaxes.

On 12th February, 2014, OSG filed an announcement saying that its debtors had agreed to withdraw their previously-announced motion for authorisation to sell the vessels.

As a consequence, the joint venture can no longer acquire those assets under the bankruptcy sale process, which was going to be organised as an auction under Chapter 11, Euronav said.

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