0000902664-24-003868.txt : 20240524 0000902664-24-003868.hdr.sgml : 20240524 20240524163432 ACCESSION NUMBER: 0000902664-24-003868 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240524 DATE AS OF CHANGE: 20240524 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: OVERSEAS SHIPHOLDING GROUP INC CENTRAL INDEX KEY: 0000075208 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 132637623 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-30797 FILM NUMBER: 24985029 BUSINESS ADDRESS: STREET 1: TWO HARBOUR PLACE STREET 2: 302 KNIGHTS RUN AVENUE, SUITE 1200 CITY: TAMPA STATE: FL ZIP: 33602 BUSINESS PHONE: 8132090600 MAIL ADDRESS: STREET 1: TWO HARBOUR PLACE STREET 2: 302 KNIGHTS RUN AVENUE, SUITE 1200 CITY: TAMPA STATE: FL ZIP: 33602 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CYRUS CAPITAL PARTNERS, L.P. CENTRAL INDEX KEY: 0001166564 ORGANIZATION NAME: IRS NUMBER: 134119084 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 65 EAST 55 STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-380-5800 MAIL ADDRESS: STREET 1: 65 EAST 55 STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: CYRUS CAPITAL PARTNERS, LP DATE OF NAME CHANGE: 20050215 FORMER COMPANY: FORMER CONFORMED NAME: OZF MANAGEMENT L P DATE OF NAME CHANGE: 20020205 SC 13D/A 1 p24-1936sc13da.htm OVERSEAS SHIPHOLDING GROUP, INC.
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D/A
 
Under the Securities Exchange Act of 1934
(Amendment No. 10)*
 

Overseas Shipholding Group, Inc.

(Name of Issuer)
 

Class A Common Stock, par value $0.01 per share

(Title of Class of Securities)
 

69036R863

(CUSIP Number)

 

Cyrus Capital Partners, L.P.

65 East 55th Street, 35th Floor

New York, New York 10022

(212) 380-5800

 

Eleazer Klein, Esq.

Adriana Schwartz, Esq.

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

(212) 756-2000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 

May 22, 2024

(Date of Event Which Requires Filing of This Statement)
 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this Schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ý

(Page 1 of 7 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

CUSIP No. 69036R863SCHEDULE 13D/APage 2 of 7 Pages

 

1

NAME OF REPORTING PERSONS

Cyrus Capital Partners, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) x

3 SEC USE ONLY

4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

160,696*

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

160,696*

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

160,696*

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)

0.2%

14

TYPE OF REPORTING PERSON

PN/IA

         

 

* Includes 160,696 shares of restricted Class A Common Stock that were granted to CCP by the Company pursuant to the Company’s Non-Employee Director Incentive Compensation Plan (the “Director Shares”).

 

 

 

CUSIP No. 69036R863SCHEDULE 13D/APage 3 of 7 Pages

 

1

NAME OF REPORTING PERSONS

Cyrus Capital Partners GP, L.L.C.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) x

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

160,696*

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

160,696*

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

160,696*

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)

0.2%

14

TYPE OF REPORTING PERSON

OO

         

 

* Includes 160,696 Director Shares.

 

 

 

CUSIP No. 69036R863SCHEDULE 13D/APage 4 of 7 Pages

 

1

NAME OF REPORTING PERSONS

Stephen C. Freidheim

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) x

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

160,696*

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

160,696*

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

160,696*

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)

0.2%

14

TYPE OF REPORTING PERSON

IN

         

 

* Includes 160,696 Director Shares.

 

 

 

CUSIP No. 69036R863SCHEDULE 13D/APage 5 of 7 Pages

This Amendment No. 10 (“Amendment No. 10”) amends the statement on Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on May 8, 2015 (the “Original Schedule 13D”), as amended by Amendment No. 1 filed with the SEC on August 5, 2015 (“Amendment No. 1”), Amendment No. 2 filed with the SEC on June 23, 2016 (“Amendment No. 2”), Amendment No. 3 filed with the SEC on March 15, 2019 (“Amendment No. 3”), Amendment No. 4 filed with the SEC on March 24, 2022 (“Amendment No. 4”), Amendment No. 5 filed with the SEC on November 15, 2022 (“Amendment No. 5”), Amendment No. 6 filed with the SEC on August 28, 2023 (“Amendment No. 6”), Amendment No. 7 filed with the SEC on September 18, 2023 (“Amendment No. 7”), Amendment No. 8 filed with the SEC on November 13, 2023 (“Amendment No. 8”) and Amendment No. 9 filed with the SEC on December 22, 2023 (“Amendment No. 9”, and together with the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8 and this Amendment No. 10, the “Schedule 13D”) with respect to Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), of Overseas Shipholding Group, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined in this Amendment No. 10 have the meanings set forth in the Schedule 13D. This Amendment No. 10 amends Items 5(a)-(c) and (e) as set forth below.

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER:
   
Items 5(a)-(c) of the Schedule 13D are hereby amended and restated as follows:
 
(a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of shares of Class A Common Stock and percentages of the Class A Common Stock beneficially owned by each of the Reporting Persons.  The percentages used in this Schedule 13D are calculated based upon 72,030,977 shares of Class A Common Stock issued and outstanding as of May 6, 2024, as reported in the Issuer’s Quarterly Report for the quarterly period ended March 31, 2024, filed on Form 10-Q with the SEC on May 10, 2024.
   
(b) See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of shares of Class A Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
   
(c) The transactions in the shares of Class A Common Stock effected by the Reporting Persons during the past sixty (60) days are set forth on Schedule A and are incorporated herein by reference.
   
(e) May 22, 2024.
   

 

 

CUSIP No. 69036R863SCHEDULE 13D/APage 6 of 7 Pages

 

SCHEDULE A

 

Transactions in the Shares of Class A Common Stock of the Company by the Reporting Persons During the Past Sixty (60) Days

 

The following table sets forth all transactions in the shares of Class A Common Stock effected during the past sixty (60) days by the Reporting Persons. Except as noted below, all such transactions were effected in the open market through brokers and the price per share excludes commissions.

Trade Date Shares Purchased (Sold) Price Per Share ($)
     
05/22/2024 (4,103,391) 8.43

 

 

 

 

CUSIP No. 69036R863SCHEDULE 13D/APage 7 of 7 Pages

SIGNATURES

After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: May 24, 2024

 

  Cyrus Capital Partners, L.P.
     
  By: /s/  Stephen C. Freidheim
  Name: Stephen C. Freidheim
  Title: Authorized Signatory
     
     
  Cyrus Capital Partners GP, L.L.C.
   
     
  By: /s/  Stephen C. Freidheim
  Name: Stephen C. Freidheim
  Title: Manager
     
     
  /s/ Stephen C. Freidheim
  Stephen C. Freidheim