New York-listed diversified tanker owner International Seaways took care of some internal housekeeping over the holidays with the termination of an older plan covering retiree health benefits.
The Manhattan-based company said in a filing with US securities regulators this week that its board of directors had determined it was in the company’s best interest to close out the plan.
Sunset and streamlining
The action sees Seaways distribute all amounts deferred under the plan to the participants, with payouts expected to come between 12 and 24 months after the termination date.
