Overseas Shipholding exclusivity extension approved; complexity cited

By Kali Hays

New York, March 6 - Overseas Shipholding Group, Inc. was granted a fourth extension of its exclusive plan of reorganization filing and solicitation periods, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The company's filing period is extended through March 31 from Feb. 28 and the solicitation period through June 30 from April 29, the order stated.

As previously reported, the company requested the extension because it recently agreed with lenders on key terms of the chosen plan and expects the solicitation process to be complex due to the size of the case and the consideration of a rights offering.

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

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