Windsor Petroleum Transport Corporation Announces Results of Consent Solicitation

NASSAU, Bahamas, June 28, 2011 /PRNewswire/ -- Windsor Petroleum Transport Corporation ("Windsor"), a Delaware corporation, announced today the results of a consent solicitation to approve (i) the proposed sale of the very large crude carrier vessel m.t Pioneer ("Pioneer") that serves as part of the collateral for Windsor's 7.84% Term Secured Notes due 2021 (CUSIP 973735 AY9/ISIN US973735AY91) (the "Notes"), as specifically provided for under the indenture relating to the Notes (the "Indenture"), and (ii) the termination of certain related collateral agreements with the effect of releasing the Pioneer as collateral for the Notes (the "Proposal"). The consent solicitation expired at 5:00 p.m., New York City time, on June 27, 2011 (the "Expiration Time").

As of the Expiration Time, Windsor had received the consent of holders of approximately $193 million aggregate principal amount of the Notes, representing approximately 96% of the Notes outstanding as of the record date and not held by affiliates of the Company (pursuant to the Indenture, Notes owned by the Company or any of its affiliates are deemed to be not outstanding for purposes of the vote on the Proposal).  Windsor has therefore received valid consents from holders of more than two thirds in principal amount outstanding of the Notes to implement the Proposal.

Windsor solicited consents because, due to current conditions in the charter market for very large crude carriers, the efforts of the Pioneer's manager to enter into a replacement charter for the Pioneer on the terms required by the Indenture (an "Acceptable Replacement Charter") have failed.  In the absence of an Acceptable Replacement Charter, the Pioneer is currently chartered on the spot market.

Jefferies & Company, Inc. acted as the Solicitation Agent for the consent solicitation. D.F. King & Co., Inc. acted as the Information and Tabulation Agent.

Advisory: This press release is for informational purposes only and is not being made in any jurisdiction in which the making of this announcement would violate the laws of such jurisdiction, nor is it an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation was made solely pursuant to a consent solicitation statement dated June 17, 2011 and the related letter of consent.

SOURCE Windsor Petroleum Transport Corporation