OSG Creditors Move To Curb Ch. 11 Exclusivity Extension
By Jamie Santo
Law360, Wilmington (December 10, 2013, 9:13 PM EST) -- Unsecured creditors of Overseas Shipholding Group Inc. urged a Delaware bankruptcy judge to limit a proposed extension of the Chapter 11 exclusivity period to no more than two months, saying Tuesday they intend to file their own plan if the oil tanker giant hasn't submitted one by then.
OSG is seeking to extend the period during which it is the only entity allowed to submit a Chapter 11 plan, a move the official committee of unsecured creditors contends would push the filing deadline back to mid-March...