Capital Product Partners Agrees to Enter into New Charters with OSG

first_imgCapital Product Partners L.P. announced yesterday agreements to transfer its claims against Overseas Shipholding Group Inc. (OSG) and certain of OSG’s subsidiaries regarding the long term bareboat charters of three of the Partnership’s product tanker vessels.As previously reported by the Partnership, on November 14, 2012, OSG and certain of its subsidiaries made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The Partnership had three IMO II/III Chemical/Product tankers (M/T Alexandros II, M/T Aristotelis II and M/T Aris II, all built in 2008 by STX Offshore & Shipbuilding Co. Ltd.) with long term bareboat charters to subsidiaries of OSG.After discussions with OSG, the Partnership agreed to enter into new charters with OSG on substantially the same terms as the prior charters, but at a bareboat rate of $6,250 per day. The new charters were approved by the Bankruptcy Court on March 21, 2013, and were effective as of March 1, 2013. On the same date, the Bankruptcy Court also rejected the previous charters as of March 1, 2013. Rejection of each charter constitutes a material breach of such charter. On May 24, 2013, the Partnership filed claims against each of the charterers and their respective guarantors for damages resulting from the rejection of each of the previous charters, including, among other things, the difference between the reduced amount of the new charters and the amount due under each of the rejected charters.The Partnership has since transferred to Deutsche Bank Securities Inc. all of its right, title, interest, claims and causes of action in and to, or arising under or in connection with, the Claims pursuant to three separate Assignment of Claim Agreements, dated as of June 24, 2013, and effective as of June 26, 2013. The total purchase price to be paid by Deutsche Bank, the largest part of which has been already received, is dependent on the actual claim amount allowed by the Bankruptcy Court — the Partnership may be required to refund a portion of the purchase price or may receive an additional payment from Deutsche Bank. The Partnership has agreed to guarantee all obligations and liabilities of each relevant vessel-owning subsidiary of the Partnership party to the Assignment Agreements, per the terms of each such agreement. In connection with the Assignment Agreements, on July 2, 2013, Deutsche Bank filed with the Bankruptcy Court six separate Evidences of Transfer of Claim, each pertaining to the Partnership’s vessel-owning subsidiaries’ claims against each charterer party to the original three charter agreements and each respective guarantor thereof.Mr. Ioannis Lazaridis, Chief Executive and Chief Financial Officer of the Partnership’s General Partner, commented: “We are very pleased to have successfully assigned our claim against OSG to Deutsche Bank and we believe that the funds received in connection with the assignment further enhance the growth prospects of the Partnership.”Fleet DevelopmentsThe M/T Avax (47,834 dwt, built 2007, South Korea) and M/T Axios (47,872 dwt, built 2007, South Korea) have both extended their charters with our Sponsor, Capital Maritime, by a period of 12 months (+/- 30 days) at a gross rate of $14,750 per day, which is $750 per day higher than their previous employment day rate. The earliest redelivery for each of the M/T Avax and the M/T Axios under these charters is expected to be April 2014 and May 2014, respectively.[mappress]Capital Product Partners L.P., July 11, 2013last_img read more

Oliver Mundell Questions Scottish Government on Kinship Carers Allowance Reform

first_imgAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to LinkedInLinkedInLinkedInDumfriesshire MSP Oliver Mundell has pressed the Scottish Government on how they plan to create a fairer system for Kinship Carers allowance.Mr Mundell wants to know how the Scottish Government will calculate a fairer system for paying Kinship Carers across Scotland, including across his constituency.Commenting Oliver Mundell MSP said: “Currently there is a lack of parity in the calculation for Kinship Care Allowance with Local authorities being able to chose how they pay and from what Section.“It’s calculation is notoriously complex and variant on a number of different factors, something that means payment can vary quite significantly from kinship carer to kinship carer.“Clearly the system needs to be reformed so that the people providing this responsible and valuable service can continue to provide secure and stable homes for children who are no longer able to live with their birth parents.“I hope the Scottish Government can respond to me with a detailed plan on how they plan to reform the system to help carers in Dumfriesshire and across the country.”last_img read more

Creamline exacts revenge on Petro Gazz in Premier V League

first_imgIn the first game, newcomer ChocoMucho Flying Titans got back on the winning track. It walloped Chef’s ClassicLady Red Spikers, 25-21, 22-25, 25-14, 25-18. Kat Tolentino had 18 points forthe 2-1 Flying Titans./PN MANILA – Creamline Cool Smashersexacted revenge on Petro Gazz Angels with a 25-19, 28-26, 25-20 sweep in the2019 Premier Volleyball League Open Conference at the San Juan Arena. The Cool Smashers maintained itsaggression in the third with an 8-4 start but the Angels managed to tie thescore at 19-all before Domingo spearheaded a 5-1 finisher for the Creamline. Michelle Gumabao and Celine Domingoadded 13 and 11 markers, respectively. Alyssa Valdez top-scored with 15points, 14 excellent digs and seven receptions for the 5-0 Cool Smashers overthe weekend. Jeanette Panaga scored 10 points whileCherry Nunag contributed eight markers for the Angels, which dropped to a 1-2card. Alyssa Valdez of Creamline Cool Smashers directs her shot against two Petro Gazz Angels defenders. SPORTS VISION PHOTO Meeting the Angels for the first timesince the Reinforced Conference finals loss, the Cool Smashers vented its ireon the Angels with a convincing first set win before escaping their oppositionin the extended second set. “It wasn’t the best game we had as ateam but kudos to din to Petro Gazz kasithey’re really having a block party kanina.It was really hard for us to penetrate sablocking nila e,” said Valdez.last_img read more

Borussia Dortmund Sign Axel Witsel In €20m Deal

first_imgGerman Bundesliga giants Borussia Dortmund have completed the transfer of Belgian midfielder Axel Witsel from Tianjin Quanjian.Witsel, 29, has signed a four-year contract at the Signa Iduna Park until 2022 after joining from the Chinese Super League outfit in a deal worth €20m.The former Zenit St. Petersburg star helped Tianjin to a third-place finish last season but the club is in ninth position on the league table this season after 16 games.He was part of the Belgium squad that finished in third place at the recently concluded FIFA World Cup tournament in Russia.On his move, Witsel said: “After the World Cup, it was my goal to move from China back to Europe.”“I’m totally happy and also proud to be allowed to play for BVB soon.“After our first conversation, I did not have to think twice, because for me Borussia Dortmund is one of the best clubs on the continent. Honestly, I can not wait to run around in front of 81,000 people.” He concluded.BVB Sporting director Michael Zorc added: “We have been very interested in signing Axel Witsel for many months and are very happy that he has chosen Borussia Dortmund.”“Axel is a player with a great deal of international experience who has all the skills to shape BVB’s central midfield: tactical understanding, tackling power, speed, creativity and mentality.” Zorc concluded. Relatedlast_img read more