Tanker Co. Mulls Ch. 11 Following Tax, Loan Issues

Law360, New York (October 22, 2012, 2:39 PM EDT) -- Overseas Shipholding Group Inc., one of the world’s largest oil shippers reeling from a global downturn in the tanker industry, may have to restate financial statements and file a Chapter 11 bankruptcy petition, the company announced Monday.

Overseas Shipholding said in a filing with the U.S. Securities and Exchange Commission that a tax issue arising from certain provisions in the company’s loan agreements makes its last three years’ financial statements unreliable, while negotiations with bank creditors over loans — which include a $1.5 billion credit facility...
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