Overseas Shipholding Group (OSG) took another major step toward spinning off its international-flag division by setting an expected date for the division.
The New York tanker owner, which is led by chief executive Ian Blackley, said the spinoff of International Seaways is now expected to take place on 30 November after the close of that day's trading.
All of the subsidiary's shares will be distributed to OSG shareholders, meaning the parent will no longer have any stake in the company formerly known as OSG International.
Investors will receive a third of an International Seaways share, which will trade under the ticker INSW, for every OSG share they own or would have owned if they had exercised their OSG warrants.
The
