Overseas Shipholding Group, one of the world’s largest tanker operators, is planning a return to the New York Stock Exchange less than a year after exiting Chapter 11 bankruptcy, according to reports.
On Monday, the company filed with the SEC plans to raise up to $100 million in an initial public offering. The news was first reported by the IPO specialist firm Renaissance Capital.
OSG exited Chapter 11 in August 2014 as a newly reorganized company, with two term loan facilities and two revolving loan facilities totaling $1.35 billion. The company’s Class B Common Stock was approved for listing on the NYSE MKT exchange and began trading October 9th under the symbol “OSGB”.
OSG had its delisted from the New York Stock Exchange after voluntarily filing for bankruptcy protection in November 2012 in the District of Delaware after global shipping rates fell and the company gave up trying to win a federal loan guarantee.
OSG’s operating fleet consisted of 81 vessels as of December 31, 2014. The company posted a full year 2014 net loss of $152.2 million, but was able to achieve a $26.5 million profit in Q4. The company is expected to report its Q1 2015 results on Thursday.
Renaissance Capital reported that the company plans to list its stock on the NYSE under the symbol OSG. No pricing terms were disclosed, the report said.
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