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Stock Market & Financial Investment News

News Breaks
February 22, 2013
05:34 EDTFROFrontline says if tanker market doesn't recover by 2015 it may force restructuring
If the tanker market does not recover before 2015 and no additional equity can be raised or assets sold there is a risk that Frontline will not have sufficient cash to repay the existing $225M convertible bond loan at maturity in April 2015. Such a situation might force a restructuring of the company, including modifications of charter lease obligations and debt agreements.
News For FRO From The Last 14 Days
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December 16, 2014
10:36 EDTFROFrontline announces debt-for equity exchange
Earlier today, Frontline announced that it has entered into a private agreement to exchange $22,500,000 of the outstanding principal amount of the Company's 4.5% Convertible Bond Issue 2010/2015 for an aggregate of 3,984,375 shares at an exchange price of $3.12 per share, and a cash payment of $9,562,500 plus accrued interest. In addition, under the exchange agreement, Frontline has agreed to issue, on December 23, up to an additional 760,377 shares to the holders of the Bonds based on an agreed formula if the 5-day volume-weighted average price, VWAP, of the Company's shares, for the period ending December 22, 2014, is lower than the exchange price, subject to a minimum VWAP price of $2.62 per share. Shares of Frontline are lower by almost 18% to $2.36 in morning trading.
December 15, 2014
10:10 EDTFROHigh option volume stocks:
High option volume stocks: RVBD AGCO FRO CRUS UBNT LH PAY PETM OREX KOS

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