On Wednesdaythe debtor submitted a proposal that outlines an exit strategy supported by key creditors but observers say there is a strong chance a motion to approve the overhaul in its current form will be met by stiff opposition.
In a client briefing David Epstein, a bond analyst at Connecticut-based broker-dealer CRT Capital, described the restructuring plan that OSG presented to the Delaware bankruptcy court overseeing its case as “stingy” in terms of what it wants to offer certain equity holders.
“We
