Overseas Shipholding eyes third extension of exclusive period to file, garner support for plan

By Lisa Kerner

Charlotte, N.C., Nov. 27 - Overseas Shipholding Group, Inc. is asking for a roughly 90-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan votes, according to documents filed Nov. 27 with the U.S. Bankruptcy Court for the District of Delaware.

A hearing is scheduled for Dec. 19.

If the motion, the company's third request for an extension, is approved, the exclusive period for filing a Chapter 11 plan would be extended through Feb. 28 from Nov. 30. The exclusive period for soliciting acceptances of the plan would be extended through April 29, from Jan. 31.

In its request, the company cited the size and complexity of its case.

Also, Overseas Shipholding said it is in "active discussions with creditor constituencies regarding potential plan structures, which need to conclude" before it can formulate and file a plan of reorganization.

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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