OSX 3 Leasing: Charterer payment default could have negative affect

By Caroline Salls

Pittsburgh, Nov. 4 – OSX 3 Leasing BV issued a notice of default to a charterer in connection with the latter’s failure to make a charter invoice payment, according to a notice to 13% senior secured callable bond trustee Nordic Trustee ASA from OSX.

The charterer has 15 days to make the payment before an owner termination event occurs under the charter.

Because OSX is a special purpose vehicle and the charter contract is its principal source of income, the company said the payment issue may result in a default and have a significant adverse affect on OSX 3 and its parent.

OSX 3 Leasing is a subsidiary of OSX Brasil SA, a Rio de Janeiro-based oil and gas holding company.

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