Last Friday, Odfjell SE, with joint managers, DNB Markets, Nordea Markets and Swedbank First Securities opened the books for a new issue of NOK 500 to 750 million of senior unsecured bonds thinking they would have an early start for an application period that was to extend through the following Tuesday. Fortunately, they planned for an early close, as they had more than they needed allowing them to shut the books at 4PM with NOK 600 million of bonds subscribed which was a level the company was more than satisfied with.

It was only 130 days, but for many it may have seemed to be a lifetime. This is the time between the date of the original General Maritime Chapter 11 filing and the filing of the global settlement which will allow for a consensual reorganization and the emergence of the company as a going concern. The original Restructuring Support Agreement which outlined the terms of the reorganization did not have the support of the major unsecured creditors, including the holders of the senior notes.

On Tuesday, Nordic Tankers announced that it had agreed to sell, at the behest of its bankers, Nordea and Danish Ship Finance, its chemical tanker activities to Triton, a European investment firm, for $30 million. Despite significant improvements on the revenue and expense side, high leverage and low freight rates eroded the capital base making the divestiture the best solution for the company and its stakeholders.

“Wishin', and hopin', and thinkin', and prayin', Planning and dreamin' each night of his charms.

That won't get you into his arms”