Oil Shipper Overseas Shipholding Enters Bankruptcy

Law360, Wilmington (November 14, 2012, 2:30 PM EST) -- Oil tanker giant Overseas Shipholding Group Inc. docked in Delaware bankruptcy court on Wednesday, citing weak demand for oil amid the global recession and a tax issue that has cast doubt on its financial reporting.

The New York-based company, whose fleet of 111 tankers ranks among the world’s largest, listed $4.1 billion in assets against $2.7 billion of debt in its Chapter 11 petition.

In a statement Wednesday, OSG President and CEO Morten Arntzen said the company has plenty of cash to sustain operations during the...
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