UPDATE: Deutsche Bank Terminates Coverage on Overseas Shipholding Group

In a report published Wednesday, Deutsche Bank terminated its coverage on Overseas Shipholding Group

. Deutsche Bank noted, “Prior to the open this morning, OSG filed for Chapter 11 bankruptcy protection in Delaware, where the parent company is incorporated. OSG stated it will use the bankruptcy process to reduce its debt and financial obligations. Given this morning's bankruptcy filing, we are discontinuing our coverage of OSG effective immediately.” Overseas Shipholding Group closed on Tuesday at $1.13.