Overseas Shipholding (OSG) Falls on Liquidity Fears

October 16, 2012 3:55 PM EDT
Today's swoon in Overseas Shipholding Group Inc. (NYSE: OSG) is being attributed to liquidity fears as talks with lenders may be hitting a stalemate.

Last month, Overseas Shipholding hired advisor Chilmark Partners while lenders hired Lazard and law firm White & Case.

Near term, Goldman Sachs and UBS were recently reported by Debtwire to be shopping $100 million in the company's revolver before a larger $1.5 billion facility matures in February 2013. This amount is said to be the shortfall in funding.

Shares are down 25 percent to $3.87.

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