The creditors of Golden Ocean and the bankruptcy court of Wilmington, Delaware approved 15 September Frontline’s plan for restructuring of Golden Ocean.

The effective date for the full take-over of Golden Ocean is estimated to 2 October. After that date Frontline will own 100 % of the equity of the restructured Golden Ocean Group.

Golden Ocean, which has interests in 13 VLCCs and 10 bulk carriers will be kept as a non-recourse subsidiary within the Frontline Group but will from 2 October be fully consolidated in Frontline’s accounts.