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 / Post-Bankruptcy Stocks / Transportation

Overseas Shipholding Group Plan Effective

Overseas Shipholding Group's First Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 18, 2014. John Ray, the Company's post-confirmation chairman, comments, "Through our financial and operational restructuring, we have focused on creating a competitive structure to allow us considerable flexibility to grow the business while continuing to provide our customers with the high-quality service that they expect." Under the terms of the Plan, senior lenders were paid in full, and all allowed administrative claims and certain other allowed secured and unsecured claims are paid in full or unimpaired. Upon emergence, the Company also closed on its exit financing agreement, led by Jefferies Finance, which consists of two term loan facilities and two revolving loan facilities, totaling $1.35 billion. The term financing funded cash payment of obligations under the terms of the Plan and the revolvers provide additional liquidity to fund operations post-emergence. Overseas Shipholding Group expects to apply to list its Class B common stock on the New York Stock Exchange and anticipates that the Class A common stock and both the Class A warrants and Class B warrants will be quoted in the over-the-counter market. This ocean transportation provider filed for Chapter 11 protection on November 14, 2012, listing $4 billion in pre-petition assets.

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