Overseas Shipholding, Deutsche Bank agree to reduce charter claims

By Caroline Salls

Pittsburgh, Jan. 9 - Overseas Shipholding Group, Inc. requested court approval of a stipulation that resolves claims held by Deutsche Bank Securities Inc., according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said Deutsche Bank is the transferee and assignee of claims filed against some Overseas debtors by Sorrel Shipmanagement Inc., Belerion Maritime Co. and Wind Dancer Shipping, Inc.

Overseas said it guaranteed the performance of three affiliates of Capital Product Partners LP under charter party agreements reached in 2006.

In February 2013, the debtors sought court approval to reject the charter agreements and enter into new agreements and guarantees, with the new charter party agreements calling for lower rates.

Following approval of the rejection motion, Sorrel filed two $18.98 million general unsecured claims, Belerion filed two $17.78 million general unsecured claims, and Wind Dance filed two $17.35 million claims.

The claims were transferred to Deutsche Bank in July 2013.

Under the stipulation, the previous Sorrel claims will be allowed in the reduced amount of $15.09 million, the previous Belerion claims in the reduced amount of $14.13 million and the previous Wind Dancer claims in the reduced amount of $13.78 million.

A hearing is scheduled for Feb. 3.

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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