OSG Shareholders Rip Deal To Support Ch. 11 Plan

Law360, Wilmington (February 26, 2014, 10:12 PM EST) -- A group of Overseas Shipholding Group Inc. shareholders on Wednesday blasted an agreement between the bankrupt oil tanker giant and its largest lenders, claiming the deal locks in a Chapter 11 plan that benefits lenders at their expense.

The equity holders, who collectively hold more than 2.5 million shares of OSG common stock, contend the plan support agreement floated earlier this month serves to shut out shareholders while “essentially handing [lenders] the keys to the company,” according to an objection filed in Delaware bankruptcy court....
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