BP Unit, Tanker Co. OSG Reach Truce Over Shipping Venture

Law360, Wilmington (February 26, 2013, 4:23 PM EST) -- Troubled oil tanker giant Overseas Shipholding Group Inc. and a BP PLC unit, at odds over the future of a joint shipping venture, told a Delaware bankruptcy judge Tuesday that they had agreed to a two-month cease-fire during which they hoped to resolve the dispute.

BP Oil Shipping Co. USA Inc. sent notice last week of its intent to dissolve Alaska Tanker Co. LLC, a joint venture that transports BP’s crude oil from Alaska to the West Coast, and OSG responded Monday by asking the bankruptcy...
To view the full article, register now.