Overseas Shipholding agrees to pay $5 million under SEC settlement

By Caroline Salls

Pittsburgh, Jan. 23 – Overseas Shipholding Group, Inc. reached an agreement with the Securities and Exchange Commission that fully resolves an SEC investigation into the failure of the company to record some federal income tax liabilities in its financial statements before the second quarter of 2012, according to a news release.

Overseas Shipholding said this agreement would also resolve the last remaining claim in its bankruptcy case.

The company will file a motion requesting bankruptcy court approval of the resolution with the SEC and will simultaneously request an order closing the bankruptcy case, the motion said.

Subject to bankruptcy court approval, Overseas Shipholding will pay a $5 million civil penalty related to the SEC investigation, which was fully reserved for as of Sept. 30.

The company said the SEC resolution does not require any changes to its historical financial statements, and it previously restated its annual financial statements for 2000 through 2011 and for the quarters ended March 31, 2012 and June 30, 2012.

“With this matter behind us, we can focus our full attention on building value for our shareholders,” Overseas Shipholding president and chief executive officer Sam Norton said in the release.

Overseas Shipholding, a New York-based tanker company, emerged from bankruptcy on Aug. 5, 2014.

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