American tank shipping company Overseas Shipholding Group’s petition for bankruptcy protection under Chapter 11 could lead to the biggest collapse in decades for the shipping industry, as a result of the biggest crisis in global shipping in years.
The stock listed company filed for protection from its creditors on Wednesday after months of negotiations with the banks, negotiations that, according to information from company CEO Morten Arntzen, failed because OSG was unable to produce reliable financial statements, dating back three years.
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