Overseas Shipholding Group Inc. said yesterday that it may owe $460 million or more to the Internal Revenue Service, a finding that is likely to upset its chapter 11 bankruptcy case, Dow Jones Newswires reported yesterday. Revised financial statements filed with the Securities and Exchange Commission said the shipping company's analysis and conversations with the IRS have led it to believe that the "actual amount of the tax" it will ultimately have to pay "will be significant and could be as high as $460,000,000 or potentially higher." The company intends to assert its available defenses "vigorously," according to the SEC filing. However, the filing may be bad news for bank lenders owed $1.5 billion and investors in the company's debt, who have been counting on Overseas Shipholding overcoming a $463 million claim the IRS filed in its chapter 11 case.
