OSA Goliath: $215.38 million accelerated upon 12% bond issue default

By Caroline Salls

Pittsburgh, March 4 - OSA Goliath Pte. Ltd. is in default on its 12% senior secured bond issue 2013/2018, and payment of the $215.38 million in principal, interest and make-whole premium due on the bonds was accelerated, according to a notice from bond trustee Norsk Tillitsmann ASA.

Norsk Tillitsmann said the amounts owed will bear interest from the Feb. 28 due date at a fixed rate of 12%, plus 5% in default interest as long as they remain unpaid.

The trustee said the default stemmed from a growing concern for the company's financial stability and a response to a letter from Norsk Tillitsmann that made it clear that OSA Goliath parent Oceanografia SA de CV failed to pay charter hire for the company's offshore supply ship and is in payment default of the corporate bond issue.

According to the notice, the trustee has replaced OSA Goliath's board of directors with independent directors.

Oceanografia is an offshore oil engineering services company.

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