Bloomberg News

Saga No Longer in Talks With Lenders Concerning Indebtedness

October 19, 2011

Oct. 19 (Bloomberg) -- Saga Tankers ASA said today it is no longer in talks with its lenders concerning its indebtedness.

The company entered into agreements for the sale of the remaining vessels owned by the group except for the vessel “Saga Agnes,” which has been sold subject to the approval of a general meeting.

“Following the completion of a potential sale of the vessel ‘‘Saga Agnes’’, the board of directors will revert with proposals regarding the company’s future business and operations,” Saga said. “This may relate to the development of a new strategy for the company, a change of the description of the business in the articles of association since the company no longer will engage in the shipping business or possibly to propose that the company shall be dissolved and consequently pay out shareholder values as a dividend.”

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To contact the editor responsible for this story: Meera Bhatia at mbhatia2@bloomberg.net


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