US LISTED COMPANY APPLIES FOR BANKRUPTCY RECOGNITION RIGHTS IN SOUTH AFRICA

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Shipholding Group, Inc (listed on the New York Stock Exchange and one of the largest shipping tanker groups in the world) and its 180 subsidiaries in an urgent precedent-making court application to recognise, in South Africa, OSG’s US bankruptcy and to apply in South Africa, with full force and effect, the automatic stay provided for in section 362 of the US Bankruptcy Code.

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