OSG Group’s expedited confirmation timeline draws trustee objection

By Sarah Lizee

Olympia, Wash., Aug. 9 – OSG Group Holdings, Inc.’s proposed expedited confirmation timeline drew an objection from Regions 3 and 9 U.S. trustee Andrew R. Vara, according to court documents filed with the U.S. Bankruptcy Court for the District of Delaware.

OSG is seeking to confirm a pre-packaged Chapter 11 plan to restructure about $824 million of debt, just 19 days after the petition date.

Vara said a confirmation hearing should occur at least 28 post-petition days after notice is given.

Under the proposed plan, existing interest holders will have their interests canceled if the plan is confirmed. The propriety of their treatment depends on whether the debtors’ valuation is sound, Vara noted.

“Interest holders deserve at least the amount of time contemplated by the rules to consider the plan,” Vara said.

OSG is a Ridgefield Park, N.J.-based provider of omnichannel billing and payment solutions, customer engagement and critical customer communication management. The company filed bankruptcy on Aug. 6 under Chapter 11 case number 22-10718.

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