OSG Unveils Revised Ch. 11 Plan With $1.5B Rights Offering
By Matt Chiappardi
Law360, Wilmington (May 2, 2014, 9:43 PM EDT) -- Oil tanker giant Overseas Shipholding Group Inc. unveiled a revised Chapter 11 plan Friday that includes a $1.5 billion rights offering it says “substantially increases” recoveries for equity holders, and also lined up a new $1.35 billion proposed exit financing package from Jefferies Finance LLC.
The exit loan package would replace $935 million in facilities extended by Goldman Sachs Bank USA in April that was designed to finance one of the world's largest oil tanker firm's emergence from Chapter 11 under a previous plan, according to...