OSG Blasts Bank Lenders' Bid To Limit Ch. 11 Exclusivity

Law360, Wilmington (August 23, 2013, 12:27 PM EDT) -- Bankrupt Overseas Shipholding Group Inc. on Wednesday slammed an objection seeking to truncate its requested extension of the Chapter 11 exclusivity period, calling opposition from its bank lenders a “self-serving” attempt to gain leverage over other creditors.

Oil tanker giant OSG entered bankruptcy protection in November and is seeking to extend the period during which it is the only entity allowed to file a Chapter 11 plan. U.S. Bank NA, agent for a $1.5 billion credit agreement, filed a limited objection Monday saying the Delaware court...
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.