Overseas Shipholding Group Files for Bankruptcy

Overseas Shipholding Group Inc. has reportedly filed for bankruptcy protection. According to reports, the business filed as global shipping rates fell and the company gave up trying to win a federal loan guarantee. In the Chapter 11 bankruptcy filing, the business reportedly listed assets at $4.15 billion while debt was listed at $2.67 billion. Chapter 11 will allow the business to continue operations while reorganizing its debt situation.

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