The Idle Goliath Off Aruba is Quietly Making Millions for Bondholders

By Ben Bain July 2 (Bloomberg) -- Drifting five miles off the Aruba coast, the 591-foot-long oil-servicing ship OSA Goliath has no projects to work on or contracts to fulfill. Yet in its idle state, the ship is generating a windfall for holders of a Mexican corporate bond that went bad. The Goliath, once the property of Oceanografia SA, has been under the control of the … [Read more...]

Creditors Seize Ship Tied To Mexican Oil Company Probe

MEXICO CITY, March 15 (Reuters) - Creditors to Oceanografia, a Mexican oil services company at the center of an alleged fraud that forced Citigroup to cut its 2013 profit, have seized a ship that was used as collateral for debt issued by the company. Norsk Tillitsmann, the Oslo-based trustee for some of Oceanografia's bonds, is preparing to sell the ship, OSA Goliath, to … [Read more...]