Bankrupt OSG Gets OK On $1.5B Rights Offering

By Matt Chiappardi (May 27, 2014, 9:35 PM EDT) -- A Delaware bankruptcy judge gave the thumbs up Tuesday to a $1.5 billion rights offering that is the centerpiece of Overseas Shipholding Group Inc.'s Chapter 11 strategy, and struck down what was described as the last remaining opposition to the oil tanker giant's disclosure statement for the plan.

At a hearing in Wilmington, U.S. Bankruptcy Judge Peter J. Walsh overruled an objection to the disclosure statement from the equity committee, which had balked at the deadline OSG had set for current shareholders to be able to participate in the rights offering for the reorganized company.

OSG had originally set the deadline...

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