Frontline (FRO) updates the progress on its restructuring plans, saying it has completed a...

|About: Frontline Ltd. (FRO)|By:, SA News Editor

Frontline (FRO) updates the progress on its restructuring plans, saying it has completed a private placement raising $285M for the newly created Frontline 2012. Frontline itself will own 8.8% of the new entity. Still negotiating with banks and counterparties, the company hopes to have a deal sealed by year's end, but cannot guarantee success. Shares -6% premarket. (PR)