Bankrupt OSG Gets Nod For Ch. 11 Pact With Lenders

Law360, Wilmington (April 7, 2014, 11:26 PM EDT) -- A Delaware bankruptcy judge on Monday signed off on a plan support agreement between Overseas Shipholding Group Inc. and its largest lenders, marking a major milestone for the oil tanker giant as it seeks to reorganize in Chapter 11.

The pact was originally up for approval at a March 20 hearing, but U.S. Bankruptcy Judge Peter J. Walsh agreed to postpone consideration at the request of the recently formed equity committee, which argued it needed more time to evaluate the agreement.

OSG subsequently filed documents with the...
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