OSG's Back Taxes Could Top $460M, Restatements Say

Law360, Wilmington (August 26, 2013, 4:25 PM EDT) -- Bankrupt Overseas Shipholding Group Inc. on Monday submitted a pair of regulatory filings with the U.S. Securities and Exchange Commission that restate it previously reported finances, with the the oil tanker giant saying it could owe the Internal Revenue Service back taxes totaling $460 million or more.

OSG sought protection in Delaware bankruptcy court in November 2012, less than a month after announcing in an SEC filing that a “tax issue” arising from certain provisions in the company’s loan agreements made its last three years’ financial...
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