BP, Tanker Co. Call Truce In Shipping Venture Fight
By Eric Hornbeck
Law360, New York (March 21, 2013, 2:31 PM ET) -- Bankrupt Overseas Shipholding Group Inc. asked a Delaware bankruptcy judge Wednesday to sign off on a truce with a BP PLC unit over the future of a joint shipping venture, setting aside their differences for at least as long as the oil shipper remains in bankruptcy.
Under the terms of the proposal, BP Oil Shipping Co. USA Inc. won't question OSG's stake in Alaska Tanker Co. LLC, a four-tanker joint venture that carries all of BP's crude oil from Alaska's North Slope to the West Coast....