The company confirmed that it emerged with a strong balance sheet, focused strategy and solid customer base.
“Through our financial and operational restructuring, we have focused on creating a competitive structure to allow us considerable flexibility to grow the business while continuing to provide our customers with the high-quality service that they expect,”said Capt Bob Johnston, OSG president and CEO. “We are completing this process having resolved the issues that led to our decision to seek Chapter 11 protection. I want to thank our extraordinary employees, both at sea and ashore, who have been vital to our successful restructuring. We also appreciate the continued support of our valued partners, suppliers and customers who have been critical to our success throughout this process and whom we look forward to continue working with into the future.”
John Ray, OSG’s post-confirmation chairman of the board, added, “Through our financial and operational restructuring, we have focused on creating a competitive structure to allow us considerable flexibility to grow the business while continuing to provide our customers with the high-quality service that they expect.”
Under the terms of the confirmed ‘amended plan of reorganisation’, senior lenders were paid in full and the all allowed administrative claims and certain other allowed secured and unsecured claims were paid in full, or unimpaired.
At the same time, the company closed on its ‘exit financing’ agreement, led by Jefferies Finance, which consists of two term loan facilities and two revolving loan facilities, totalling $1.35 bill. The term financing funded cash payment of obligations under the terms of the plan and the revolvers provide additional liquidity to fund operations post-emergence.
OSG said that it expected to apply to list its Class B common stock on the New York Stock Exchange and anticipated that the Class A common stock and both the Class A warrants and Class B warrants would be quoted in the over-the-counter market.
In addition, the company entered into a registration rights agreement with certain commitment parties in connection with their holdings of Class A common stock and Class A warrants and planned to file a registration statement in connection with its obligations thereunder.
OSG filed for bankruptcy protection in November, 2012 in the US Bankruptcy Court for the District of Delaware. The Bankruptcy Court confirmed OSG’s final ‘amended plan of reorganization’ on 18th July, 2014 and the appeal period expired on 1st August, 2014.