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OSG files for Chapter 11 bankruptcy protection

Markets

Friday, November 16, 2012

Overseas Shipholding Group filed to reorganize under Chapter 11 under federal bankruptcy laws, filing petitions for itself and certain operating subsidiaries in U.S. Bankruptcy Court in Delaware on Wednesday. The tanker company said it plans to “reduce its debt profile, reorganize other financial obligations and create a strong financial foundation for the company’s future.” It promised “to serve customers without interruption while it reorganizes its ...

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