Tanker Co. OSG Strikes Deal With Lenders On Ch. 11 Plan
By Matt Chiappardi
Law360, Wilmington (February 12, 2014, 5:09 PM ET) -- Overseas Shipholding Group Inc. said Wednesday that it had struck a deal with the majority of its largest lending group to support a Chapter 11 plan that would put the tanker company on course to exit bankruptcy and fully pay many of its claims.
In a motion in Delaware bankruptcy court, OSG said that the plan would pay in full the more than $250 million owed in back taxes to the Internal Revenue Service and infuse up to $150 million of new equity into its capital...