The U.S. Bankruptcy Court approved Overseas Shipholding Group’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 30, 2013 and January 31, 2014, respectively. As previously reported, “By working constructively with all constituents, the Debtors have made tremendous progress since the Petition Date…to stabilize and rationalize the Debtors’ operations and put the Debtors on a path towards a successful reorganization. In particular, the Debtors have analyzed and developed long-term business plans that will form the operational basis for a reorganized business and have commenced the claims reconciliation and allowance process. The Debtors also completed an extensive internal investigation and expect to file restated financials dating back to the year ended December 31, 2000 shortly. However, given the size and complexity of the Debtors’ cases, as well as the remaining steps that must be undertaken for the Debtors and their stakeholders to successfully formulate and implement a Plan of reorganization, an extension of the Debtors’ Exclusive Periods is necessary.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.