Overseas Shipholding seeks bankruptcy protection

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Associated Press

Posted on November 14, 2012 at 9:01 AM

Updated Wednesday, Nov 14 at 9:02 AM

NEW YORK (AP) — Short on cash, the Overseas Shipholding Group is filing for Chapter 11 bankruptcy protection.

The company said last month that financial statements going back to 2008 cannot be relied upon after it uncovered tax issues. It said at the time that bankruptcy protection was one of the options it was considering.

The company said Wednesday that while under protection it will reduce debt, reorganize its financial obligations and strengthen its finances.

Some subsidiaries of Overseas Shipholding Group Inc., including those that manage its facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Ch. 11 reorganization.

The company insists that it has more than enough cash to continue operating and that it plans to exit from bankruptcy protection as soon as possible.

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