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