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Overseas Shipholding Group files for bankruptcy
November 14, 2012 / 12:55 PM / 5 years ago

Overseas Shipholding Group files for bankruptcy

Nov 14 (Reuters) - Debt-laden Overseas Shipholding Group Inc , the world’s No. 2 independent tanker operator by fleet size, filed for Chapter 11 bankruptcy protection on Wednesday.

The company, which has been struggling to plug a $300 million shortfall in its $1.5 billion fully drawn revolving credit facility, warned last month that it may have to seek bankruptcy protection.

It had also said at that time that it may have to re-state results for at least three years due to a tax issue.

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