Overseas Shipholding Group Extension Approved


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.”

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