Finance sources say the number could be as low as $14, with $15 seen as a best-case scenario.

Peter Georgiopoulos’s Gener8 was viewed as likely to take the deal even at that number to secure a listing on the New York Stock Exchange, and enable a team of private-equity backers led by Oaktree Capital Management to begin an exit from their investments.

Despite a strong current market for VLCC rates, Gener8 faced stiff investor resistance to clearing a deal without taking a discount to net asset value (NAV) — and a drop in recent pricing for VLCC newbuildings probably did not help.