Bracewell & Giuliani hasn’t taken legal action against the financially troubled US tanker owner but hopes to enter into “good faith dialogue” with management shortly, TradeWinds is told.
With $510m worth of unsecured notes at stake and fears that New York-listed OSG and its lenders may be working on a pre-packaged Chapter 11 plan that would favour the claims of secured creditors it may not come as a surprise that bondholders are on edge.
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