Overseas Shipholding (OSG) Falls on Liquidity Fears
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.
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.