Overseas Shipholding committee asks hearing be pushed to April 11

By Kali Hays

New York, March 19 - Overseas Shipholding Group, Inc.'s official committee of equity security holders has objected to and asked a court to adjourn the company's hearing on its proposed entry into a plan support agreement, equity commitment agreement and rights offering procedures, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The committee, which was appointed March 17, is asking for the hearing to be delayed until April 11 to afford it "a modicum of time to catch up to the rest of the case constituents who have been at this for 16 months," the filing stated.

The committee said that a request made directly to the debtors' counsel to delay the hearing was rejected and that "exactly why the debtors' management is so unwilling to give a little time to the only fiduciary ever in these cases for equity remains a puzzle."

The committee further claimed that "an adjournment is necessary to investigate the significant concerns associated with the plan support agreement" and that "the debtors have failed to provide any meaningful information regarding the valuation of the agreement, their plan proposal and/or negotiation process, or their purported market diligence."

In addition, some holders of the company's equity withdrew their Feb. 26 objection to the plan support agreement, according to a notice filed Wednesday.

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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