Bankrupt Overseas Shipholding Floats $255M Tanker Sale

Law360, Wilmington (February 4, 2014, 9:29 PM EST) -- Overseas Shipholding Group Inc. on Monday announced plans to sell five oil tankers for $255 million, a stalking horse deal designed to help the bankrupt shipping giant move ahead with its ultimate goal of restructuring in Chapter 11.

The planned sale to stalking horse Ship Acquisition Co. LLC, a joint venture that includes funds managed by GSO Capital Partners LP, will set an auction floor for the five vessels and put OSG in a better position to reorganize the company, according to a sale motion filed...
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