AMSC signs nonbinding settlement proposal with OSG and AKPS

American Shipping Company has signed a new nonbinding settlement proposal with Overseas Shipholding Group and Aker Philadelphia Shipyard.

The nonbinding agreement in principle, announced in March 2009, was entered into in order to temporarily stop the arbitration between the two parties and to settle all of the outstanding commercial disputes between the two companies.

Aker Philadelphia Shipyard (AKPS) subsequently became involved with the discussions between American Shipping Company (AMSC) and Overseas Shipholding Group (OSG).

The nonbinding settlement proposal provides for the dismissal with prejudice of all the claims in the arbitration and contains a number of provisions materially altering the prior agreements between the parties.

The nonbinding settlement proposal is subject to third-party approvals from various lenders and governmental authorities, as well as the execution of satisfactory definitive documentation, and the completion of satisfactory due diligence. There is no assurance that AMSC, AKPS and OSG will enter into definitive agreements on these new terms or on any terms.

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