Advertisement

Windsor Petroleum Transport Plan Confirmed

Advertisement

The U.S. Bankruptcy Court issued an order confirming Windsor Petroleum Transport’s Amended Plan of Reorganization, dated October 8, 2014. The restructuring provides for, among other things, the following: Conversion of 100% of the debt outstanding under the secured notes indentures into new common stock of the reorganized Debtors; unimpairment of all general unsecured claims, under Section 1124 of the Bankruptcy Code, and equity Interests in Windsor Holdings Limited will be cancelled as of the effective date and holders of such equity interests will receive no distribution under the Plan. This oil tanker owner and operator filed for Chapter 11 protection on July 14, 2014.