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 stockholders.
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 staff's decision.
Overseas Shipholding Group, Inc.