Overseas Shipholding asks for approval of $9 million intercompany sale

By Kali Hays

New York, June 4 - Overseas Shipholding Group, Inc. is seeking court authorization for a $9 million intercompany asset sale of an oil and petroleum tanker, according to a Wednesday motion with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the sale will be between Overseas Shipholding subsidiaries Maremar Tanker LLC and Maremar Product Tanker Corp.

Maremar Product was created by Overseas Shipholding pre-bankruptcy "for the sole purpose of owning the asset" after it determined the vessel "should be reflagged as a Marshall Islands vessel and transferred via intercompany sale," but the company was unable to complete the sale before filing for bankruptcy, according to the motion.

A hearing to approve the sale is set for June 26.

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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