OSG Withdraws Authorization to Sell Assets

Euronav’s plan to purchase some vessels from certain subsidiaries of Overseas Shipholding Group (“OSG”) has fallen through after OSG said that it will withdraw their previously-announced motion for authorization to sell the vessels over which CEXIM had security interests.

As it was previously announced, Euronav has formed a Joint Venture (JV) with GSO Capital Partners LP (“GSO”) for the purpose of the potential purchase.

The JV can no longer acquire those assets under the bankruptcy sale process, which was going to be organized as an auction under Chapter 11.

Euronav, February 17, 2014; Image: OSG