American Shipping Company ASA ("AMSC" or "Company") - Notice to AMSC Investors
Oslo, 15 January 2013 - Reference is made to the Chapter 11 filing by Overseas Shipholding Group, Inc. and affiliates ("OSG") on 14 November 2012, and AMSC's Notice to Investors on this subject of the same date.
For your information, at the motion of OSG, the United States Bankruptcy Court for the District of Delaware has approved OSG's request to continue to perform all of its obligations under the bareboat charters and attendant agreements with AMSC.
For the avoidance of doubt, OSG's election to continue to perform does not constitute an assumption of the AMSC charter obligations within the meaning of the Bankruptcy Code, a final decision on which will come later in the bankruptcy proceeding.
We confirm that, so far, OSG has continued to make all of its charter payments to AMSC on time.
Contact information:
American Shipping Company ASA
Fjordalleen 16
Postboks 1423 Vika
0115 Oslo
NORWAY
Dag Fasmer Wittusen
President / CEO
Tel: + 47 24 13 00 00
Cell: +47 91 63 00 02
mail to: dag.wittusen@amshipco.no
Leigh Jaros
CFO
Tel: +1 215 875 2669
Cell: +1 484 880 3741
mail to: leigh.jaros@amshipco.com