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Oceanografia Defaulted Bonds Rise to Par as Creditors Claim Ship

The defaulted bonds of Oceanografia SA surged as creditors claimed ownership of a $245 million ship after the oil-services provider missed payments.

The company’s $160 million of dollar-denominated notes due 2018, backed by a 180-meter construction vessel called the OSA Goliath, rallied to par today from 90 cents on the dollar, according to prices compiled by Pareto Securities AS, after trustee Norsk Tillitsmann ASA appointed a receiver and new board for the unit that owns the ship. Creditors have taken ownership and will try to sell it, the trustee said in a letter yesterday.

“You have pretty good prospects for getting your money back,” Russ Dallen, the Miami-based head trader at Caracas Capital Markets, said in a telephone interview.

Oceanografia, based in Ciudad del Carmen, Mexico, was seized by the government on Feb. 28 after Citigroup Inc. said it took a $360 million loss on loans to the company against receivables that didn’t exist. The same day, the trustee declared the bonds in default after Oceanografia failed to pay charter hire for the vessel.

The 2018 notes, sold in October, were secured by the Goliath, an offshore construction vessel built in Indonesia in 2009 with a value of about $245 million, based on estimates from Kennedy Marr Ltd. and Offshore Shipbrokers Ltd. provided in the bonds’ offering memorandum.

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