Overseas Shipholding eyes stipulation agreement with Jefferies, affiliates

By Lisa Kerner

Charlotte, N.C., Nov. 26 - Overseas Shipholding Group, Inc. asked the court to approve stipulations resolving certain general unsecured claims held by Jefferies Leveraged Credit Products, LLC against the company and certain of its affiliates, according to documents filed Nov. 26 with the U.S. Bankruptcy Court for the District of Delaware.

The affiliates include Carina Tanker Corp., Concept Tanker Corp., Urban Tanker Corp., View Tanker Corp. and Rich Tanker Corp.

A hearing is scheduled for Dec. 19.

The stipulation provides for the Carina claims to be allowed as general unsecured nonpriority claims in the reduced amount of $4.1 million.

Also, the Concept claims will be reduced to about $2.7 million, the Urban claims will be reduced to about $4.9 million, the View claims will be reduced to about $3.9 million and the Rich claims will be reduced to $2.9 million.

Overseas Shipholding, a New York-based tanker company, filed for bankruptcy on Nov. 14, 2012. Its Chapter 11 case number is 12-20000.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.