The Connecticut-based debt specialist fired questions about Chapter 11 in the context of shipping at lawyers from Bracewell & Giuliani, who warned the more than 300 listeners that the New York-listed tanker owner, its lenders and advisors may be tuned in before getting down to business.

The law firm was represented by Evan Flaschen, the chair of a restructuring group that serves as debtor’s counsel in the bankruptcy of Omega Navigation Enterprises, and colleague Robert Burns in a meeting moderated by CRT bond analysts David Epstein and Jack Chan.

Toward the end of the call the attorneys urged the operator to address listeners by first name in an attempt to protect their identities during a question and answer session in which participants touched on everything from the timing of a potential Chapter 11 to charter party risk and thethreat uncertainty poses to OSG's tanker pools.

The call follows an SEC filing in which OSG said bankruptcy is one of the “strategic options” it is considering during negotiations with creditors that are growing increasingly complex due to an ill-defined tax issue and concerns around the accuracy of recent financials.

As we reported, Bracewell is believed to be the leading contender in a race to represent bondholders in the event OSG pursues a restructuring in a US bankruptcy court. Some unsecured creditors fear they will lose out if the shipowner were to file a pre-packaged plan supported by secured lenders.

Click HERE to see what Flaschen and Burns had to say about OSG's tax issue and their thoughts on the timing of a potential Chapter 11.

Additional commentary from the call can be found HERE and in articles posted on the mainpage.