Overseas Shipholding's $94M Military Contract Approved

Law360, New York (April 25, 2013, 4:45 PM EDT) -- A Delaware bankruptcy judge on Wednesday said Overseas Shipholding Group Inc. can go forward with its $94 million U.S. government contract to make ships and commercial transportation resources available during times of war or national emergency. 

U.S. Bankruptcy Judge Peter J. Walsh determined that letting OSG continue to take part in the U.S. Department of Transportation's Maritime Security Program “is in the best interest of the debtors, their estates and creditors and all parties in interest.”

OSG currently has two vessels, the Overseas Mykonos and the...
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