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.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.