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OSG changes horses
Overseas Shipholding Group has fundamentally changed its plan to emerge from Chapter 11 bankruptcy organisation, ditching a previously favoured pact with its lenders in favour of a competing proposal from equity holders.
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Found an interesting story?
OSG changes horses
Overseas Shipholding Group has fundamentally changed its plan to emerge from Chapter 11 bankruptcy organisation, ditching a previously favoured pact with its lenders in favour of a competing proposal from equity holders.
OSG announced the switch in a filing after the close of business on Friday, saying it had determined the equity proposal “to be more favorable to the debtors’ creditors and interest holders than the lender plan.”
The revised deal sees equity holders back a $1.5bn rights offering that is divided into Class A and Class B stock. Any holder than is deemed an accredited investor or qualified institutional buyer is eligible to purchase 11.5 Class A shares or warrants for $3
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