Restructuring

Overseas Shipholding Group Wednesday reached an agreement with holders of 60% of its $1.5 billion top-ranking loan on a Chapter 11 plan that will bring the oil tanker operation out of bankruptcy. Read the Daily Bankruptcy Review article here.

Optim Energy LLC, an energy business owned by Bill Gates ’ investment company, filed for Chapter 11 bankruptcy protection Wednesday in Delaware, stating that its executives couldn’t get the consent they needed to borrow more money under a credit facility. Read the Daily Bankruptcy Review article here.

First Mariner Bancorp, the holding company for Maryland community bank 1st Mariner, filed for Chapter 11 bankruptcy Monday in order to sell its bank subsidiary. Read the Daily Bankruptcy Review article via The Wall Street Journal.

Plastipak Packaging Inc. of Michigan outbid Australia’s Amcor Ltd. at a bankruptcy auction for substantially all of the assets of Constar International Holdings LLC, a Philadelphia-based maker of plastic bottles, court papers say. Read the Daily Bankruptcy Review article via The Wall Street Journal.