OSX 3 trustee files bankruptcy cases, deems payment suspension invalid

By Caroline Salls

Pittsburgh, March 17 – OSX 3 Leasing BV bond trustee Nordic Trustee ASA filed bankruptcy petitions for OSX Leasing Group BV, the OSX 3 holding company and OSX 3 Holding BV on the basis that there were amounts due under the 13% senior secured callable bond guarantees, according to a notice from the trustee.

The petition for OSX Leasing was filed in the Amsterdam District Court, and the other two petitions were filed in the Hague District Court.

Nordic Trustee said it accelerated payment of the outstanding bonds on Monday. The trustee also made a demand on the relevant guarantees on the basis that OSX 3 had not paid the amounts due under the bond agreement.

In addition, the trustee notified OSX 3 Holding that the voting rights attached to the shares in OSX 3 had transferred to Nordic Trustee.

According to the notice, OSX Brasil SA and Oleo e Gas Participacoes SA (OG Par) announced an agreement on Monday under which OSX, OSX 3, OSX 3 Holding and OSX Servicos Operacionais Ltda. agreed to suspend various amounts due to OSX 3 by OG Par under a Sept. 12, 2014 charter contract.

Nordic Trustee said it did not consent to the agreement related to the charter contract, so the agreement is not valid or binding and does not affect the rights of the charter contract parties.

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

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