Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Overseas Shipholding Group Plan Filed

Overseas Shipholding Group filed with the U.S. Bankruptcy Court a Revised First Amended Plan and related Disclosure Statement. According to the Disclosure Statement, “The key components of the Plan include: (1) All Allowed Administrative Claims, Priority Tax Claims, Other Priority Claims, Secured Vessel DIP Claims, Secured Vessel Claims, Other Secured Claims, Credit Agreement Claims, and Other Unsecured Claims on the Effective Date of the Plan are unimpaired (2) The retention of the CEXIM Vessels and the DSF Vessels and payment in full of the CEXIM Claims and the DSF Claims plus interest at 50% of the default rate under the CEXIM and DSF Loan Agreements (3) The payment of the 8.75% Debentures Claims in full in Cash, including any applicable contractual interest, the Reinstatement of the 8.125% Notes, including payment of any applicable contractual or default interest, and the Reinstatement of the 7.500% Notes, including payment of any applicable contractual interest, or exchange of such Notes to those Holders that make a timely election, for Election Notes, which mature on February 15, 2021 and provide for Cash equal to 1% of the aggregate principal amount of the 7.500% Notes held by each Electing Noteholder.” The Court scheduled a July 18, 2014 confirmation hearing, and any objections must be filed on or before July 11, 2014.

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