Marketing and billing services business OSG Group Holdings Inc. won court approval for a pre-packaged bankruptcy reorganization that hands majority ownership to creditors and pays unsecured creditors in full.
US Bankruptcy Judge John Dorsey in Delaware on Monday tentatively approved an amended Chapter 11 plan that hands second lien lenders OSG common shares and a stake in new, convertible equity. The company owed $168.8 million in second lien debt—the majority of which is held by Pemberton Strategic Credit Holdings, according to court documents.
The Carlstadt, New Jersey-based company won court approval on Aug. 9 to begin a speedy process to ...
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