Overseas Shipholding, Diamond S affiliates ink rejection claim deal

By Caroline Salls

Pittsburgh, Jan. 13 - Overseas Shipholding Group, Inc. requested court approval of a stipulation that resolves rejected time charter claims filed by affiliates of Diamond S Management LLC, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the proposed stipulation, Diamond S affiliates Heroic Aquarius Inc., Heroic Scutum Inc., Heroic Hologium Inc., Heroic Hera Inc., Heroic Tucana Inc., Heroic Leo Inc. and Heroic Lyra Inc. will have general unsecured claims against Overseas Shipholding.

The company said Heroic Aquarius filed two $5.22 million claims for damages related to the rejection of a charter and related guarantee, Heroic Scutum filed two $9.7 million claims, Heroic Leo filed two $5.4 million claims, Heroic Tucana filed two $9.75 million claims, Heroic Lyra filed two $12.96 million claims, Heroic Hologium filed two $12.4 million claims and Heroic Hera filed two $1.96 million claims.

The Heroic Aquarius claims will be reduced to $2.34 million under the stipulation, the Heroic Scutum claims will be reduced to $4.35 million, the Heroic Leo claims will be reduced to $2.42 million, the Heroic Tucana claims will be reduced to $4.38 million, the Heroic Lyra claims will be reduced to $5.82 million, Heroic Hologium will have two $5.56 million claims, and the Heroic Hera claims will be reduced to $879,313.

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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