OSG Unveils Revised Ch. 11 Plan With $1.5B Rights Offering

Law360, Wilmington (May 2, 2014, 9:43 PM EDT) -- Oil tanker giant Overseas Shipholding Group Inc. unveiled a revised Chapter 11 plan Friday that includes a $1.5 billion rights offering it says “substantially increases” recoveries for equity holders, and also lined up a new $1.35 billion proposed exit financing package from Jefferies Finance LLC.

The exit loan package would replace $935 million in facilities extended by Goldman Sachs Bank USA in April that was designed to finance one of the world's largest oil tanker firm's emergence from Chapter 11 under a previous plan, according to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.