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OSG requests more time for restructuring

Bankrupt US tank carrier OSG has requested more time to finish the plan for a corporate restructuring of the carrier, according to several media.

Photo: PR-foto: DHT Holdings

In 2012 US tank carrier Overseas Shipholding Group (OSG) filed for Chapter 11 bankruptcy protection, and since then the company has been working on a corporate restructuring plan, which could now end up being further postponed.

According to several media, OSG has asked the court in New York, which handles the case, for a 30-day postponement for the presentation of a corporate restructuring plan. If approved, this will mark the third time the plan is postponed, and the company will have to present its plan on March 31st. The new request comes two weeks after a majority of the carrier's banks presented their strategy for pulling the company out of bankruptcy, says Lloyd's List.

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