Overseas Shipholding eyes exclusivity extension; cites case complexity

By Kali Hays

New York, Feb. 21 - Overseas Shipholding Group, Inc. requested a fourth extension of its exclusive plan of reorganization filing and acceptance periods, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company would like to extend its filing period through March 31 from Feb. 28 and its solicitation period through June 30 from April 29.

The company recently agreed with lenders on key terms of its chosen plan of reorganization and is expecting the solicitation process to be complex due to the size of the case and its consideration of a rights offering, the filing stated.

A hearing is scheduled for March 7.

Overseas Shipholding, a New York-based tanker company, filed for bankruptcy on Nov. 14, 2012 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 12-20000.

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