Overseas Shipholding statement hearing pushed back under stipulation

By Caroline Salls

Pittsburgh, April 1 - Overseas Shipholding Group, Inc. received court approval of a stipulation related to its motions for approval of a plan support agreement and equity commitment, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The parties to the stipulation include the company's official committee of equityholders, as well as equityholders BHR Capital LLC, BlueMountain Capital Management, LLC, Cyrus Capital Partners LP and Donald Smith & Co.

Under the stipulation order, the hearing on approval of the company's disclosure statement was adjourned to May 7 from April 11.

Stipulation parties have until April 25 to file objections or responses to the disclosure statement. The objection deadline for everyone else is April 4.

Also under the stipulation, Overseas agreed to confer with the equityholders, the committee and third-party financing sources on plan alternatives.

The equity committee and equityholders agreed not to object to the plan support of equity commitment motions.

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

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