SUBSEQUENT EVENTS	9 Months Ended
Sep. 30, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS In preparing the condensed consolidated financial statements, the Company has evaluated events and transactions occurring after September 30, 2017 for recognition or disclosure purposes. Based on this evaluation, from September 30, 2017 through the date the condensed consolidated financial statements were available to be issued, no material events have been identified other than the following: Delivery of Vessels On October 9, 2017, the Company took delivery of the Gener8 Nestor, a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Nestor entered into the VL8 Pool. On October 9, 2017, the Company borrowed $48.0 million under the Korean Export Credit Facility, which had previously been pre-positioned on September 29, 2017 at the Korea Development Bank for the benefit of the Builder in order to satisfy the final installment payment for the Gener8 Nestor. $29.0 million of the pre-positioned funds was released to the Builder on October 9, 2017 upon delivery of the Gener8 Nestor, and the remaining balance was released to the Company. At the time of the delivery, the Company has made all shipyard installment payments and there is no outstanding payable balance. See Note 10, LONG TERM DEBT, for additional information regarding the recent Building Contract amendment related to the Gener8 Nestor. Sale of Vessels On October 25, 2017 the Company entered into an agreement for the sale of the 2010-built VLCC tanker the Gener8 Zeus for gross proceeds of $53.0 million. On November 7, 2017, the sale was finalized. The Company used the net proceeds to repay $34.3 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. On October 18, 2017 the Company entered into an agreement for the sale of the 2000-built Suezmax tanker the Gener8 Argus for gross proceeds of $11.0 million. On October 30, 2017, the sale was finalized and the Company used the net proceeds to repay $7.7 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. On August 21, 2017 the Company entered into an agreement for the sale of the 2003-built Aframax tanker the Gener8 Pericles for gross proceeds of $11.0 million. As of September 30, 2017, the Company classified the Gener8 Pericles as Current assets - held for sale, in the condensed consolidated balance sheet. On October 18, 2017, the sale was finalized and the Company used the net proceeds to repay $7.8 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel. Other Information On November 8, 2017, the Company amended the Sinosure Credit Facility in order to conform certain financial covenants to those in our Refinancing Facility and Korean Export Credit Facility. Pursuant to the amendment, the debt service coverage ratio under the Sinosure Credit Facility was replaced with a conforming interest expense coverage ratio, which tests consolidated EBITDA to cash interest expense, each as defined in the Sinosure Credit Facility. The amendment also revised the consolidated leverage ratio under the Sinosure Credit Facility from 0.65 to 0.60 to conform to the other two credit facilities.

17. SUBSEQUENT EVENTS

In preparing the condensed consolidated financial statements, the Company has evaluated events and transactions occurring after September 30, 2017 for recognition or disclosure purposes. Based on this evaluation, from September 30, 2017 through the date the condensed consolidated financial statements were available to be issued, no material events have been identified other than the following:

Delivery of Vessels

On October 9, 2017, the Company took delivery of the Gener8 Nestor, a 2017-built VLCC newbuilding. Upon delivery, the Gener8 Nestor entered into the VL8 Pool. On October 9, 2017, the Company borrowed $48.0 million under the Korean Export Credit Facility, which had previously been pre-positioned on September 29, 2017 at the Korea Development Bank for the benefit of the Builder in order to satisfy the final installment payment for the Gener8 Nestor. $29.0 million of the pre-positioned funds was released to the Builder on October 9, 2017 upon delivery of the Gener8 Nestor, and the remaining balance was released to the Company. At the time of the delivery, the Company has made all shipyard installment payments and there is no outstanding payable balance. See Note 10, LONG TERM DEBT, for additional information regarding the recent Building Contract amendment related to the Gener8 Nestor.

Sale of Vessels

On October 25, 2017 the Company entered into an agreement for the sale of the 2010-built VLCC tanker the Gener8 Zeus for gross proceeds of $53.0 million. On November 7, 2017, the sale was finalized. The Company used the net proceeds to repay $34.3 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

On October 18, 2017 the Company entered into an agreement for the sale of the 2000-built Suezmax tanker the Gener8 Argus for gross proceeds of $11.0 million. On October 30, 2017, the sale was finalized and the Company used the net proceeds to repay $7.7 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

On August 21, 2017 the Company entered into an agreement for the sale of the 2003-built Aframax tanker the Gener8 Pericles for gross proceeds of $11.0 million. As of September 30, 2017, the Company classified the Gener8 Pericles as Current assets - held for sale, in the condensed consolidated balance sheet. On October 18, 2017, the sale was finalized and the Company used the net proceeds to repay $7.8 million of the related portion of the senior secured debt outstanding under the Refinancing Facility associated with the vessel.

Other Information

On November 8, 2017, the Company amended the Sinosure Credit Facility in order to conform certain financial covenants to those in our Refinancing Facility and Korean Export Credit Facility. Pursuant to the amendment, the debt service coverage ratio under the Sinosure Credit Facility was replaced with a conforming interest expense coverage ratio, which tests consolidated EBITDA to cash interest expense, each as defined in the Sinosure Credit Facility. The amendment also revised the consolidated leverage ratio under the Sinosure Credit Facility from 0.65 to 0.60 to conform to the other two credit facilities.