Reuters: Bankruptcy News: Overseas Shipholding may file for bankruptcy protection

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Overseas Shipholding may file for bankruptcy protection Oct 22nd 2012, 12:48 Mon Oct 22, 2012 8:48am EDT Oct 22 (Reuters) - Overseas Shipholding Group Inc, the world's No. 2 independent tanker operator by fleet size, said it was evaluating options including filing for bankruptcy protection. Financial statements for at least the three years ended Dec. 31, 2011 should no longer be relied on, the company said in a regulatory filing. The New York-based company said it was continuing its review process, including determining whether a restatement of those financial statements may be required. Overseas Shipholding's shares have halved in value this month on speculation that talks with its lenders had hit a road block.

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