The American administrator opposes the Ch. of OSG Holdings. 11 Accountability Shield

By Jeff Montgomery (August 26, 2022, 5:51 p.m. EDT) — The U.S. Trustee’s Office on Friday objected to allegedly ineligible liability protections in bankrupt OSG Group Inc.’s proposed Chapter 11 plan that would shield parties from stock-related claims before the company opened its case in Delaware.

Writing for U.S. Administrator for Regions 3 and 9 Andrew R. Vara, agency attorney Rosa Sierra-Fox said the “exemption” provision would provide an exoneration for the conduct of any person or entity identified since February. , “when there were no bankruptcy estates, no estate trustees, and no judicial oversight of the restructuring process.”

The trading and marketing firm and 19 affiliates filed for Chapter 11 protection on August 6…

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