OSG America Announces Sponsor and Aker Sign Nonbinding Settlement Proposal
31 Août 2009 - 11:01PM
Business Wire
OSG America, L.P. (NYSE: OSP) today reported that Overseas
Shipholding Group, Inc. (OSG or Sponsor; NYSE: OSG), which owns a
77.1% interest in OSG America L.P., has signed a nonbinding
settlement proposal with American Shipping Company ASA (AMSC) that
seeks to settle all outstanding commercial disagreements between
the Sponsor and AMSC. The proposal is intended to resolve certain
liquidity issues previously disclosed by Aker Philadelphia Shipyard
ASA (AKPS), for AKPS to continue its 12-ship newbuild program. All
12 vessels have been chartered out to OSG or OSG America, seven of
which have delivered and are trading in the Jones Act market.
The proposal also provides for the dismissal with prejudice of
all the claims in the arbitration among the parties and contains a
number of provisions materially altering the prior agreements among
the parties. The proposal is nonbinding and there can be no
assurance that definitive agreements will be entered into. In
addition, the proposal is subject to certain conditions precedent,
including the receipt of third party approvals from various lenders
and governmental authorities, the execution and delivery of
satisfactory definitive documentation and the completion of
satisfactory due diligence.
About OSG America L.P.
OSG America L.P. is the largest operator of U.S. Flag product
carriers and ocean-going barges transporting refined petroleum
products, based on barrel-carrying capacity. OSG America has an
operating fleet of 23 Handysize product carriers and tug barges
that trade primarily in the Jones Act market. OSG America’s limited
partner units are listed on the New York Stock Exchange and trade
under the symbol "OSP." More information is available at
www.osgamerica.com.
Osg America L.P. (NYSE:OSP)
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