Overseas Shipholding Files in Delaware

Overseas Shipholding Group Inc., the largest U.S. tanker operator, filed for bankruptcy protection after global shipping rates declined and demand for oil fell in North America and Europe.

The 64-year-old company, based in New York, listed assets of $4.15 billion and debt of $2.67 billion in a Chapter 11 filing today in U.S. Bankruptcy Court in Wilmington, Delaware.

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