Ocean after a Delaware bankruptcy court approved the company's disclosure statement for restructuring on August 4.

The proposal for restructuring will now be distributed to bondholders for a vote.

An August 14 hearing will officially appoint Frontline as the manager for the Golden Ocean operation. A final confirmation hearing for the plan is scheduled for September 15.

"With the current strength and the positive outlook for the market, the board is confident that the transaction will increase earnings and value development per share,'' said Frontline chairman, John Fredriksen.

"The new schedule set by the court should make it possible for us to have Golden Ocean's operation fully consolidated in Frontline before the end of September.'' BUSINESS BUC