OSG Wants Actions Against Execs Halted During Ch. 11

Law360, Wilmington (January 15, 2013, 10:32 PM ET) -- Overseas Shipholding Group Inc. asked a Delaware bankruptcy judge Monday to halt a series of putative class actions currently proceeding against its top brass in New York federal court, claiming the securities suits threaten to disrupt the shipping giant's Chapter 11 reorganization.

OSG, whose fleet of 111 oil tankers ranks among the world’s largest, said the four shareholder actions should be subject to the bankruptcy court's automatic stay for while they are not aimed directly at the company they are still harmful to its financial well-being,...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers