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.
