By filing Chapter 11, the company hasmanaged to keep its doors open and creditors at bay under a broader effort to completea billion-dollar overhaul.
Today, the Manhattan-based operator oftankers, tugs and barges is in the process of firming up an exit strategy thatwill likely hinge on debt and equity financing backed by third parties.
OSG has asked the judge overseeing therestructuring for more time to submit a proposed plan of reorganisation, whichmay not come as a surprise due to the complexity of the case.
