OSG holders to sell

A range of US funds are looking to cash out of reborn US tanker owner OSG by registering to sell $1.2bn of shares and warrants.

The company, which emerged from bankruptcy restructuring in May, said shareholders including Alden Global Capital, Blue Mountain, Silver Point, Luxor Capital and Caxton international will offload up to 402m shares and 149m warrants.

The sale price will be a maximum of $3 each for both types of security.

The company will not receive any of the proceeds. 

The securities will be offered from time to time, an SEC filing said.

OSG said it intends to re-list its stock on the New York Stock Exchange in the future.

The owner was one of the most high-profile shipping companies to file for Chapter 11 when it sought protection in November 2012 with debt of $2.67bn.