Windsor Petroleum Transport Corp., citing a drop in oil exports and a worldwide tanker glut, sought bankruptcy protection to restructure more than $188 million of debt, Bloomberg News reported yesterday. Windsor, a subsidiary of billionaire John Fredriksen’s oil-shipping company Frontline Ltd., listed debt of more than $100 million and assets worth about $50,000 in a chapter 11 petition filed yesterday in U.S. Bankruptcy Court in Wilmington, Del. The company operates four very large crude carriers. The filing came a day before Windsor officials were slated to make a $14 million payment on more than $188 million of debt, according to Tradewinds, an oil-shipping newsletter. Windsor officials said that they’ve reached an agreement with noteholders of more than 70 percent of the company’s 7.84 percent secured notes to swap debt for equity. The company will wipe out $188.5 million of bonds under trusteeship of Bank of New York Mellon Corp.
