Overseas Shipholding gets two-week extension of solicitation period

By Kali Hays

New York, June 26 - Overseas Shipholding Group, Inc. received a fifth extension of its exclusive plan of reorganization solicitation period through July 14 from June 30, according to a June 26 order with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company requested the extension after the recent filing of its amended plan, shortening the time that “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,” according to the motion.

Without the extension the company said “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.”

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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