(The following is a reformatted version of a press release
issued by The NYSE and received via electronic mail. The release
was confirmed by the sender.)
NYSE to Suspend Trading in Overseas Shipholding Group, Inc.
Moves to Remove from the List
NEW YORK, November 14, 2012 - The New York Stock Exchange
(“NYSE”) announced today that the staff of NYSE Regulation, Inc.
(“NYSE Regulation”) has determined to commence proceedings to
delist the common stock of Overseas Shipholding Group, Inc. (the
“Company”) - ticker symbol OSG - from the NYSE. Trading in the
Company’s common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer
suitable for listing. Pursuant to Listed Company Manual
Section 802.01D, this decision was reached in view of the
Company’s November 14, 2012 announcement that it filed a
voluntary petition to reorganize under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware. NYSE Regulation noted the uncertainty as
to the timing and outcome of the bankruptcy process, as well as
the ultimate effect of this process on the Company’s common
In addition, NYSE Regulation noted that the Company recently
concluded that its previously issued financial statements for at
least the three years ended December 31, 2011 and associated
interim periods, and for the fiscal quarters ended March 31 and
June 30, 2012 should no longer be relied upon, in connection
with a tax issue arising from the fact that the Company is
domiciled in the United States with substantial international
operations, and relating to the interpretation of certain
provisions contained in the Company’s loan agreements.
NYSE Regulation notes that it may make an appraisal of, and
determine on an individual basis, the suitability for continued
listing of an issue in light of all pertinent facts and
circumstances whenever it deems such action appropriate. In
addition, NYSE Regulation may, at any time, suspend a security
if it believes that continued dealings in or listing of the
security on the NYSE are not advisable.
The Company has a right to a review of this determination by a
Committee of the Board of Directors of NYSE Regulation.
Application to the Securities and Exchange Commission to delist
the issue is pending the completion of applicable procedures,
including any appeal by the Company of the NYSE Regulation
Overseas Shipholding Group, Inc.
Press spacebar to pause and continue. Press esc to stop.