Independent journal on economy and transport policy
11:37 GMT+1
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Overseas Shipholding Group will resort to chapter 11 of the American bankrupt law
Without success the attempts to reach an agreement with the creditors
November 15, 2012
Failed the attempts to reach an agreement with the creditors, the shipowning society American Overseas Shipholding Group (OSG) has announced the decision to appeal to chapter 11 of the American bankrupt law that it previews to subject the companies in crisis to a reorganization plan so as to allow the restoration of the conditions of solvency and economic stability of the society and meanwhile to satisfy the creditors through the predisposition of a plan of payment of the debits. OSG has specified that some own branches, included those which manage the structures of the group to Manila, to Singapore, in Greece, to London and Newcastle, have not asked to rerun to the Chapter 11 of US Bankruptcy Tails.
"The last years - it has declared the president and managing director of OSG, Morten Arntzen - have been difficult for all, in our field, but OSG has continued to supply sure, and without incident reliable services of marine transport to our entire customers. In particular, our Jones Act fleet has operated much good in last the 18 months and a series of contractual extensions of relief has made sure. In last two weeks OSG it has continued to supply ships to our customers. We will use the procedure of Chapter 11 in order to resolve our financial problems definitively. A restructure ordered in the within of Chapter 11 - it has concluded Arntzen - will supply stability is to OSG that to the entire field of the shipping. We preview to exit from our reorganization under Chapter 11 with a solid base financial institution and a clear direction towards a future success".
The fleet of the American company is constituted by 111 ships, in great part oil tankers and product carrier, for an ability to beyond 10,7 million gross capacities in tons, to which two ships ordered to the ship yards will join to others. The society has about 3.600 dependent, of which almost 90% they are marine.
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Failed the attempts to reach an agreement with the creditors, the shipowning society American Overseas Shipholding Group (OSG) has announced the decision to appeal to chapter 11 of the American bankrupt law that it previews to subject the companies in crisis to a reorganization plan so as to allow the restoration of the conditions of solvency and economic stability of the society and meanwhile to satisfy the creditors through the predisposition of a plan of payment of the debits. OSG has specified that some own branches, included those which manage the structures of the group to Manila, to Singapore, in Greece, to London and Newcastle, have not asked to rerun to the Chapter 11 of US Bankruptcy Tails.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
