Frontline is now facing the likelihood of insolvency thanks to a $190 million bond coming due in April. With three quarters to go until the note is due, rates would have to average around $40K for VLCC and $34K for Suezmax.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions.
HAMILTON, Bermuda, Oct. 7, 2014 (GLOBE NEWSWIRE) -- Frontline Ltd. (the "Company" or "Frontline") announces that the Company has through market purchases executed October 6, 2014 bought USD 17,800,000 notional in the 4.50 % Frontline Ltd.
"We rate FRONTLINE LTD (FRO) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we ...
Frontline Ltd said that it expected to de-consolidate the Windsor group in 3Q14 as a consequence of the Chapter 11 filing and the fact the group is consolidated under the variable interest entity model.