Overseas Shipholding Group (OSG) said it had “successful results” for a recent bond tender offer that concluded Tuesday and which will also allow the company to dispose of assets held in its international subsidiary.

The New York-based tanker company announced earlier this month cash tender offers for up to $119m in principal amount for various outstanding senior notes.

As part of the tender process, OSG also got bond holders to agree that assets held through its subsidiary OSG International “do not constitute all or substantially all, or substantially an entirety, of the OSG’s assets.

As earlier reported in TradeWinds, the proposed amendment will allow OSG to split off its international flagged crude and refined product fleet from its US-based Jones Act fleet, which...