OSG Files for Bankruptcy, Says it Will Continue Operating
Overseas Shipholding Group, one of the world's largest publicly traded tanker companies, filed voluntary Chapter 11 petitions Nov. 14 for itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the District of Delaware, it said. It said it…
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intends to use the Chapter 11 process to significantly reduce its debt profile, reorganize other financial obligations and "create a strong financial foundation for the Company's future." Some subsidiaries, including those that manage the company's facilities in Manila, Singapore, Greece, London and Newcastle, did not file for reorganization. OSG said it plans to continue to serve customers without interruption while it reorganizes its debt, and has adequate cash to allow the company to continue operating as usual.