Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 8-K Entry into a Material Definitive Agreement

Exhibit 99.2

 

 DraftBank Term Sheet Sources & UsesSubject to Future Public DisclosureDRAFT - CONFIDENTIAL February 7, 2014Subject to FRE 408 and all similar rules 

Exhibit 99.2

Estimate of Distributable Cash on June 30, 2014(US$ millions)Sources Uses 11/30 Cash on Balance Sheet $568 IRS Settlement (2011 & prior) $256 Employee/Professional/Financing Costs/Contingencies/Other 175 7 month Cash Flow 64 International Business Transition Costs 34Total 632Remaining Construction Costs for OS Shenandoah 20 OS Tampa Shuttle Tanker Conversion Costs 20 Required Working Capital Investment 9 Cash on Balance Sheets 75Total Uses Before non-Tax Distributions $589Creditor Distribution Cash Flows Cash Available From Business $43 Exit Financing 500Distributable Cash $543 Approximate Creditor Distributions Required¹-531Excess Cash $12Notes: (1) Includes post-petition interest at the default rate.Preliminary analysis subject to change and refinement as the debtor completes its analysis.DRAFTPrivileged & Confidential – Prepared at the Request of Counselpage 2