Overseas Shipholding Group Wednesday reached an agreement with holders of 60 percent of its $1.5 billion top-ranking loan on a chapter 11 plan that will bring the oil tanker operation out of bankruptcy, Dow Jones reported yesterday. One of the world's largest shippers of petroleum products, Overseas Shipholding filed for bankruptcy protection in 2012, partially blaming falling rates for international vessels. The company's biggest problem, however, was a large tax liability, the legacy of years of flawed accounting for international assets. U.S. tax authorities agreed late last year to reduce their claim for some $470 million worth of back taxes to about $256 million, lowering what had been a major hurdle for the company's bid to come out of bankruptcy. On its way out of Chapter 11, Overseas Shipholding plans to raise $150 million through a rights offering to holders of the $1.5 billion top-ranking loan.
