OSG Group Approved to Seek Quick Exit from Bankruptcy Oversight

OSG Group Holdings, Inc. won court approval to try to exit bankruptcy more quickly than normal after the billing and marketing services business negotiated a deal to hand majority ownership to creditors.

U.S. Bankruptcy Judge John Dorsey, in Wilmington, Delaware, agreed to consider approving the company’s pre-packaged reorganization plan on Aug. 29 under rules that allow a company to speed through a Chapter 11 case if they have enough creditor support. Dorsey also gave the company temporary approval for a financing package that will refinance some older debt and give OSG Group $7.5 million in money to finance the ...