A US bankruptcy judge has approved a plan of reorganisation for VLCC owner Windsor Petroleum and set a date next month for a vote on the project.
Windsor — an offshoot of John Fredriksen’s International Tanker Co (ITC) — filed for Chapter 11 reorganisation in Delaware in July, so its path to emergence has been short.
Under the reorganisation plan, bondholders are to exchange their $196m in notes for a 100% stake in the company.
Management
