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Court grants Overseas Shipholding Group extension of cash collateral
By Jim Witters
Wilmington, Del., Jan. 2 - Overseas Shipholding Group, Inc. received an extension on its interim use of lenders' cash collateral through Jan. 24, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.
The extension resulted from a stipulation between Overseas and prepetition secured lender Export-Import Bank of China.
A final hearing on use of cash collateral is scheduled for 9:30 a.m. ET on Jan. 24.
Overseas Shipholding, a New York-based tanker company, filed for bankruptcy on Nov. 14. The Chapter 11 case number is 12-20000.
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