Overseas Shipholding gets OK on $9 million intercompany tanker sale

By Kali Hays

New York, June 26 – Overseas Shipholding Group, Inc. received court authorization of a $9 million intercompany asset sale of an oil and petroleum tanker, according to a Thursday order with the U.S. Bankruptcy Court for the Southern District of New York.

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

Overseas Shipholding created Maremar Product 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.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.