As TradeWinds has reported, OSG has ditched a previously favoured pact with its lenders for a competing proposal from equity holders.

Its shares, which now trade over the counter, climbed over 15% yesterday after the redrawn strategy came to light.

Almost 1.3 million shares were traded in a day which saw the stock open at $6.25 and close at $7.19.

The revised deal sees equity holders back a $1.5bn