OSX 3 Leasing gives charterer 15-day notice for missed Nov. 30 payment

By Kali Hays

New York, Dec. 3 – OSX 3 Leasing BV served its charterer a notice of default related to the charterer’s failure to make an invoice payment by a Nov. 30 deadline, according to a notice from Nordic Trustee ASA, the trustee of the company’s 13% senior secured callable bonds.

If the past due amount is still outstanding by Dec. 17, an “owner termination event will be triggered” that is included in the charter contract.

According to the notice, the charter contract is the primary source of income for OSX 3 and the continued loss of payment from its charterer “may have a material adverse effect on the financial condition” of OSX 3 and its parent company, including the possibility of a default event.

The trustee said that it is looking “to resolve this matter as quickly as possible.”

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

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