OSG exited court protection this week having signed $1.35bn in fresh financing with Jefferies, with separate agreements for its US flag and international fleets.
“Although it is still early days for the new OSG, we see the fact that the debt facilities is separated into two tranche for US flag ($600m) and international fleet ($600m) individually could be early indications of a US flag spin-out further down the road,” said Erik Nikolai Stavseth of Arctic Securities.
