Subscribers

No deadline extension for OSG share sale

Shareholders have till June 3 to find buyer for their stock

[DELAWARE] Shareholders of Overseas Shipholding Group Inc (OSG), the largest owner of tankers that operate between US ports, lost a bid to extend the time that they have to sell their stock under a plan to reorganise the bankrupt company.

The judge overseeing the case denied the extension on Tuesday as he approved an explanation of the company's plan to exit bankruptcy by raising about US$1.5 billion in a share sale. That explanatory disclosure statement will be used by creditors and shareholders...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes