Overseas Shipholding Gets $25M DIP To Keep Tankers Afloat

Law360, Wilmington (February 5, 2013, 10:14 PM EST) -- Troubled oil tanker giant Overseas Shipholding Group Inc. won approval Tuesday for debtor-in-possession financing packages that earmark a total of $25 million to keep portions of its fleet up and running during its restructuring.

U.S. Bankruptcy Judge Peter J. Walsh signed off on two DIP loans and a pair of complimentary agreements allowing the use of cash collateral, orders that taken together will enable certain OSG vessels to cover operating expenses and make payments on their existing debt.

OSG made changes to the agreements to incorporate...
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