GOOD READS

Ahead of the Bell: Frontline Ltd.

Frontline Ltd. says $285M raised to help restructuring plan

RELATED QUOTES

SymbolPriceChange
FRO3.69-0.04

NEW YORK (AP) — Frontline Ltd. has taken a major step toward splitting off part of its fleet to reduce debts.

The Bermuda tanker owner said Friday that $285 million was raised from investors to help pay for a restructuring plan that will allow it to shed expensive contracts for new tankers. The money was raised by another company, Frontline 2012, that was recently created with the help of Frontline Ltd. Board Chairman John Fredriksen.

Under the restructuring plan, Frontline 2012 will pay Frontline Ltd. $1.121 billion for new oil tankers and other assets. Frontline 2012 also will take on Frontline Ltd.'s $666 million in bank debt and another $325.5 million in payments for new tankers.

Since announcing the plan earlier this month, Frontline 2012 has raised $285 million in a private sale of company shares — $35 million more than expected. Frontline Ltd. bought a 8.8 percent stake in the new company.

The sale is expected to close on Dec. 29, and the companies expect to complete the restructuring plan by the end of the year.

Shares fell by 9 cents, or 2.6 percent, to $3.40 in premarket trading.

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
1
2
3
4
5
6
7
8
9
10

Latest News

  • Tour Miami Beach's Burdines Department Store in 1953

    Click here to view the full photogallery.Photos via "Library of Congress Today we take take a break from the regularly scheduled residential fare to have a look at the interiors of a department store in the 1950s. Burdines, the... …

  • Rajaratnam's brother loses bid to dismiss insider trading charges
    Rajaratnam's brother loses bid to dismiss insider trading charges

    Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Friday lost a bid to dismiss some of the insider trading charges leveled against him last year. U.S. District Judge Naomi Reice Buchwald in Manhattan ruled that the indictment adequately alleged the essential elements of the crimes charged. A lawyer for Rajaratnam did not respond to a request for comment. A spokeswoman for Manhattan U.S. Attorney Preet Bharara declined to comment. …

  • Break the Mold With a Brutalist 'Tree House' on the Chesapeake

    Click here to view the full photogallery. Up for $1.29M on Maryland's Gibson Island is this atypical Chesapeake cottage, a 2,826-square-foot fortress designed by blocky brutalism extraordinaire, Ulrich Franzen. Known as the Glass Tree House, the 1962 three-bedroom was... …

  • Colorful Fabrics Restore a 'Dilapidated Concrete Bungalow'

    Click here to view the full photogallery.Photos by Simon Upton/Elle Decor Enchanted by the "wild dogs and unrestored, decaying palazzos" of Lecce, a historic city in Puglia, Italy, fashion designer Liza Bruce and her husband, artist Nicholas Alvis Vega,... …

  • Inside Karim Rashid's Magical, Hot Pink 'Sparkle Krib'

    Click here to view the full photogallery. Give designer Karim Rashid pretty much anything—a condo tower, a food court, a record album, a Twitter account—and he'll be sure to make it fruit-punch colored and amorphous, the princess castle of... …

IN-DEPTH ANALYSIS & INTERVIEWS

  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Economy vs Democracy

    As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

  • Bracing for Challenges

    Raghuram Rajan is preparing to deal with concerns that may arise when a new government takes charge. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    16.52+0.88+5.63%
    UNITECH.BO
    73.85+3.05+4.31%
    HDIL.BO
    13.36+0.25+1.91%
    SUZLON.BO
    718.55-6.70-0.92%
    HDFCBANKSL.BO
    57.40+2.75+5.03%
    JAIPRA.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    12.60+2.10+20.00%
    AGRIMONY.BO
    242.50+40.40+19.99%
    ACRYSIL.BO
    83.50+13.90+19.97%
    SICAL.BO
    46.00+7.65+19.95%
    SHRGLTR.BO
    65.25+10.85+19.94%
    AHLUCONT.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    11.60-2.70-18.88%
    ANISHAIMPEX.BO
    51.10-8.85-14.76%
    WINSOMTX.BO
    11.70-1.30-10.00%
    BLCISER.BO
    425.00-40.00-8.60%
    GCMSECU.BO
    59.40-5.55-8.55%
    JBML.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.