News Summary: Overseas Shipholding

Overseas Shipholding Group files for Ch. 11 bankruptcy protection

Associated Press

NEW YORK (AP) -- HEADING FOR PORT: Overseas Shipholding Group Inc. filed for Chapter 11 bankruptcy protection. The company announced last month that financial statements going back to 2008 cannot be relied upon after it uncovered some tax issues. It said at the time that bankruptcy protection was one of the options it was considering.

OPERATIONS: Overseas Shipholding said that some of its subsidiaries, including those that manage its facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Ch. 11 reorganization. The company insists it has more than enough cash to continue operating. It plans to exit from bankruptcy protection as soon as possible.

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