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OSG almost out
Overseas Shipholding Group's reorgansation plan was approved today by a US bankruptcy judge in Delaware, some 20 months after it filed for Chapter 11 protection, an OSG official confirms.
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Found an interesting story?
OSG almost out
Overseas Shipholding Group's reorgansation plan was approved today by a US bankruptcy judge in Delaware, some 20 months after it filed for Chapter 11 protection, an OSG official confirms.
OSG, which had been the largest tanker company in the US, is expected to formally emerge from bankruptcy protection sometime in August. The plan was confirmed Friday morning by US bankruptcy judge Peter Walsh.
The plan sees equity holders encompassing hedge funds and other financial firms come away with majority holding in the New York-based company, which at least for now will continue to operate both an international and a US Jones Act fleet under the same umbrella.
In addition, the former
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