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Overseas Shipholding Group Files for Bankruptcy

Overseas Shipholding Group Inc., the largest U.S. tanker operator, filed for bankruptcy protection after global shipping rates fell and the company gave up trying to win a federal loan guarantee.

The New-York-based company today listed assets of $4.15 billion and debt of $2.67 billion in a Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, Delaware. The company owns or operates 111 vessels that transport oil, refined products and natural gas worldwide.