Overseas Shipholding Group, Inc. OSG today filed voluntary Chapter 11 petitions for
itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the
District of Delaware.
The company intends to use the Chapter 11 process to significantly reduce its
debt profile, reorganize other financial obligations and create a strong
financial foundation for the Company's future. Certain subsidiaries, including
those that manage the Company's facilities in Manila, Singapore, Greece,
London and Newcastle, have not filed for Chapter 11 reorganization. A complete
list of the OSG entities which filed, and those which did not file, Chapter 11
petitions, is available at www.kccllc.net/osg. OSG intends to work with its
constituencies to emerge from bankruptcy as quickly as possible while
maintaining the company's market position, business model and strategy.
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