New York-quoted OSG dropped 11.70% before hitting $3.32, which is seven cents higher than the stock’s new 52-week low and nearly $12.00 lower than its one-year high, while trading volume shattered the 30-day average.
The plunge came amid unconfirmed reports that the Manhattan-based company has hired Proskauer Rose as a restructuring advisor and talk that two European lenders are courting buyers for a $150m chunk of debt after a previous deal failed to materialise.
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