Golden State lacks needed consents to amend 8.04% mortgage notes

By Marisa Wong

Madison, Wis., Nov. 12 - Golden State Petroleum Transport Corp. said it did not receive the necessary consents from holders to amend the indenture governing its 8.04% first preferred mortgage notes due 2019.

The consent solicitation began on Oct. 15 and expired at 5 p.m. ET on Nov. 10. The consent bid was originally set to expire on Oct. 28 and was subsequently extended to Nov. 4 and then to Nov. 10.

The issuer sought consents to amend or terminate certain collateral and management agreements and to approve the proposed sale of each of the two very large crude carrier vessels that serve as collateral for the notes.

Approval of the proposals required consents of holders of a majority of outstanding notes. As of 5 p.m. ET on Nov. 10, Golden State had received less then the required amount, and thus the proposals did not pass.

Jefferies & Co., Inc. acted as the solicitation agent, and D.F. King & Co., Inc. was the information and tabulation agent.

The Hamilton, Bermuda-based special-purpose company is organized solely for the purpose of issuing as agent for two affiliated entities: Golden State Petro (IOM I-A) plc and Golden State Petro (IOM I-B) plc.

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