Overseas Shipholding asks for two-week extension for plan solicitation

By Kali Hays

New York, June 6 – Overseas Shipholding Group, Inc. is seeking a fifth extension of its exclusive plan of reorganization solicitation period, according to a June 5 motion with the U.S. Bankruptcy Court for the District of Delaware.

The company asked that its solicitation period be extended through July 14 from June 30.

As the company recently filed its amended plan, which “generally provides for the payment of all allowed secured claims in full, the reinstatement of certain unsecured notes, and a substantial return to holders of common stock,” it would like to continue the solicitation of the plan uninterrupted, according to the motion.

“If an extension is not granted, it would only serve to distract the debtors and their professionals and sow potential confusion among creditors and stakeholders at the most crucial phase of these cases.”

A hearing is scheduled 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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