SEC Probes Overseas Shipholding Group's 'Tax Issue'

Law360, New York (August 06, 2013, 4:53 PM ET) -- Overseas Shipholding Group Inc. said on Monday that the U.S. Securities and Exchange Commission has launched a probe of 13 years' worth of potentially faulty financial reporting, again highlighting a “tax issue” that largely plunged the tanker company into Chapter 11 protection in Delaware court.

The agency slapped OSG with a subpoena on August 1, seeking documents related to certain credit agreements that the company entered between 2000 and October 2012, according to a recent bankruptcy filing. The announcement significantly widens the scope of a potential...
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