OSA bondholders to subscribe for shares, vote on claims prosecution

By Caroline Salls

Pittsburgh, Feb. 22 – The trustee for OSA Goliath Pte. Ltd. and Goliath Offshore Holdings Pte. Ltd.’s 12% bonds announced the required steps for bondholders who wish to subscribe for shares in OSA Recovery SPV, Ltd., according to a notice released by trustee Nordic Trustee ASA.

The subscription period will begin on March 1 and expire on March 4. The shares are expected to be issued on March 10, with the settlement date set for March 9.

The record date for noteholders to participate in the share allocation will be the banking day before a bondholders meeting scheduled for March 1.

The minimum subscription amount will be the dollar equivalent of €100,000.

In a separate notice to 12% and 15% bondholders, Nordic Trustee said only the 12% bondholders will be eligible to subscribe for shares in the special purpose vehicle, because 15% liquidity bondholders have top priority for distributions of vessel sale proceeds.

The trustee said Goliath liquidity bondholders and senior secured bondholders will be asked at the March 1 meeting to allow the trustee to file potential claims against third parties in an effort to maximize recovery for bondholders.

According to the meeting summons, 50% of the shares will be offered to OSA bondholders and 50% to Goliath bondholders.

Under an agreement with the trustee, OSA Recovery SPV will settle all litigation costs and will receive a premium of 40% of the recovery received by/attributable to the litigation trustee.

OSA Goliath is a subsidiary of Mexico City-based offshore oil engineering services company Oceanografia SA de CV.

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