Overseas Shipholding Group has reached an agreement under which the newly appointed equity committee in the case agreed not to file further objections to the company’s proposed plan-support agreement with a group of its senior lenders, and the company agreed to delay the hearing on the adequacy of the company’s disclosure statement to May 7, according to a stipulation filed with the bankruptcy court in Wilmington, Del.

The company’s disclosure-statement hearing is currently set for April 11.

The agreement also obligates the company to “reasonably consult and confer” with the equity panel and certain other specific equityholders, as well as potential third-party financing sources, “regarding possible alternative plans of reorganization.”

The agreement is subject to bankruptcy-court approval.

The other equityholders with which the company agreed to consult, in addition to the equity panel, are BHR Capital, Blue Mountain Capital, Cyrus Capital Partners (which is also a member of the official committee), and Donald Smith & Co. – the same group of holders that said in a February court filing that it had submitted a proposed alternative reorganization plan to the company that would provide creditors with “full value or otherwise unimpaired treatment” and would provide equityholders with a recovery “significantly greater” than that provided for in the company’s current plan (see “Shareholder group says it has alternate Overseas Shipholding plan, LCD, Feb. 26, 2014). – Alan Zimmerman