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Revision to 7.500% Notes Alternative Distribution and Deadline for Election
On July 15, 2014, the Bankruptcy Court entered an order approving a stipulation between the Debtors, certain Holders of 7.500% Notes, and Wilmington Trust, National Association, as the 7.500% Notes Indenture Trustee. Click Here for a copy of that order. As part of the stipulation, the Debtors have amended the Plan to allow Holders of 7.500% Notes the option to elect to receive a new note (an “Election 2 Note”) as part of the 7.500% Notes Alternative Distribution. Election 2 Notes are available to all Holders of 7.500% Notes, including those who validly elected the 7.500% Notes Alternative Distribution on or before July 7, 2014 (each an “Election 1 Noteholder” electing to receive an “Election 1 Note”).
In order to elect to receive Election 2 Notes, Holders of 7.500% Notes must validly complete and return the First Amended Election Form to KCC no later than July 22nd, 2014 at 5:00PM (Prevailing Eastern Time). Click Here for a notice that sets out this process in more detail and attaches as Exhibit A the First Amended Election Form.
Election 2 Notes provide for different treatment than Election 1 Notes. Please review the First Amended Election Form carefully before electing to receive Election 2 Notes. Also, please note that Election 1 Noteholders who do not validly and timely elect to receive Election 2 Notes will still receive Election 1 Notes under the terms of the 7.500% Notes Alternative Distribution.
Voting and Rights Exercise Deadline
The Deadline to vote on the Plan and to submit Rights Exercise Forms occurred on July 7, 2014 at 5:00 p.m. (Prevailing Eastern Time).
The Record Date for voting on the Plan and participating in the Rights Offering occurred on June 6, 2014.
Halt in Trading
On June 3, 2014 at 5:00 p.m. (Prevailing Eastern Time), a halt in trading in OSG Equity Interests took effect.
Solicitation Procedures Order:
On May 28, 2014 the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) entered the Solicitation Procedures Order [Docket No. 3286] designating June 6, 2014 as the Voting Record Date and July 18, 2014 at 9:30 a.m. ET as the Confirmation Hearing. Please see important deadlines below:
June 3, 2014 at 5:00 p.m. (Prevailing Eastern Time) - Halt in trading in OSG Equity Interests took effect.
June 6, 2014 - Record date for voting on the Plan and for participating in the Rights Offering.
July 7, 2014 at 5:00 p.m. (Prevailing Eastern Time) - Deadline to vote on the Plan and to submit Rights Exercise Forms.
July 11, 2014 at 4:00 p.m. (Prevailing Eastern Time) - Deadline to object to confirmation of the Plan.
Suspension of Trading of Old OSG Equity Interests:
On March 13, 2014, the Debtors filed their 10-K for the fiscal year ended December 31, 2013. Please click here for a copy of the 10-K.
The United States Bankruptcy Court for the District of Delaware has entered an order that establishes notification procedures and procedures under which Overseas Shipholding Group, Inc., and its affiliated debtors, may require certain holders of debt claims against such debtors to dispose of a portion of their debt claims upon a subsequent debtor’s motion to the court.
Please click here for a copy of the notice of final order.
Please click here for a copy of the final order entered at Docket No. 405.
The United States Bankruptcy Court for the District of Delaware previously entered a final order that imposes substantial restrictions on trading in equity interests in Overseas Shipholding Group, Inc. and its affiliates. The order also notifies owners of claims against Overseas Shipholding Group, Inc. and its affiliates of potential future debt trading restrictions and notice and information requirements.
On May 19, 2014, the Debtors filed a Notice of Waiver of Provisions and Intent to Request Court to Vacate the final order, allowing equity holders to engage in trading of equity interests of Overseas Shipholding Group, Inc. and its affiliates. Click here for a copy of the notice.
On November 14, 2012, 181 Debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The cases are jointly administered under Case No. 12-20000 (collectively, the "Bankruptcy Cases") before the Honorable Mary F. Walrath in the United States Bankruptcy Court for the District of Delaware.
Pursuant to the Bankruptcy Code (specifically including, but not limited to, 11 U.S.C. § 362), a debtor is afforded certain protection against its creditors; the Bankruptcy Code prohibits creditors from taking certain actions related to debts that may have been owed prior to the commencement of the Bankruptcy Cases. If you believe that you might be a creditor of the Debtor(s) based upon debts arising prior to November 14, 2012 and you are considering taking action based upon your status as a creditor, you may wish to seek legal advice. The staff of the Clerk of the Bankruptcy Court and the staff of Kurtzman Carson Consultants LLC are not permitted to give legal advice.
The meeting of creditors pursuant to section 341 of the Bankruptcy Code (the "Meeting of Creditors") was held on December 18, 2012 at 10:00 a.m. (Prevailing Eastern Time) at the following location:
J. Caleb Boggs Federal Building
844 King Street
Wilmington, DE 19801
Rule 9001(5) of the Federal Rules of Bankruptcy Procedure requires that a representative of the Debtor appear at the Meeting of Creditors for the purpose of being examined under oath by a representative of the Office of the United States Trustee and by any interested parties that attend the meeting. Creditors are welcome, but not required, to attend the meeting. The Meeting of Creditors may be continued or adjourned by notice at the meeting, without further written notice to creditors.
United States Bankruptcy Court
District of Delaware
824 Market Street, 3rd Floor
Wilmington, DE 19801
T: (302) 252-2900 http://www.deb.uscourts.gov
OSG Claims Processing Center
2335 Alaska Avenue
El Segundo, CA 90245
T: (866) 967-1780
Please file proof(s) of claim, if any, via US Mail or other hand delivery system. Facsimile and other electronic delivery methods are not acceptable. You must file an originally executed proof of claim. If you would like a copy of your claim returned to you as proof of receipt, please enclose an additional copy and a self-addressed postage-paid envelope.
James L. Bromley, Esq.
Luke A. Barefoot, Esq.
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, NY 10006
T: (212) 225-2000
F: (212) 225-3999 http://www.cgsh.com
Derek C. Abbott, Esq.
Daniel B. Butz, Esq.
William M. Alleman, Jr., Esq.
Morris, Nichols, Arsht & Tunnell LLP
1201 North Market Street
P.O. Box 1347
Wilmington, DE 1347
T: (302) 658-9200
F: (302) 658-3989 http://www.mnat.com
Kurtzman Carson Consultants LLC ("KCC") maintains this website at the direction of Cleary Gottlieb Steen & Hamilton LLP, the attorneys for the Debtors. KCC maintains this website for the public's convenience and, while KCC makes every attempt to ensure the accuracy of the information contained herein, this website is not the website of the United States Bankruptcy Court and does not contain the complete, official record of the Bankruptcy Court. All documents filed with the Court, including lists of the Debtors' assets and liabilities, are available for inspection at the Clerk of the Bankruptcy Court, District of Delaware.