General Maritime Successfully Completes Financial Restructuring and Emerges From Chapter 11
Friday, 18 May 2012 | 00:00
General Maritime Corporation yesterday announced that it has successfully completed its financial restructuring and has emerged from Chapter 11 of the United States Bankruptcy Code.
Through the restructuring process, General Maritime substantially deleveraged its balance sheet, positioning the reorganized Company to be a financially stronger global enterprise. General Maritime successfully reduced its outstanding debt by approximately $600 million and its cash interest expense by approximately $42 million annually. In addition, the Company received a new capital infusion of $175 million from investment entities affiliated with Oaktree Capital Management, L.P. (the "Oaktree Funds").
Jeffrey D. Pribor, General Maritime's Chief Financial Officer, said, "Today marks the successful completion of our financial restructuring and the start of a new chapter for our Company. With enhanced financial flexibility, we are moving forward as a stronger and more competitive company, better equipped to address the challenges of today's tanker shipping market. General Maritime will continue to operate one of the world's largest and most diverse fleets of tankers and is committed to safely and efficiently providing seaborne oil transportation services. I also thank our employees around the world, whose hard work and loyalty have been instrumental in enabling us to reach this achievement and who will be important contributors to our future success."
Kramer Levin Naftalis & Frankel LLP is serving as the Company's legal advisor, and Moelis & Company is serving as the Company's financial advisor.
About General Maritime Corporation
General Maritime Corporation is a leading crude oil and products tanker company operating principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe, and the North Sea. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. General Maritime owns a fully double-hull fleet of 29 tankers – seven VLCC, seven Aframax, twelve Suezmax, two Panamax, and one product tanker – with a total carrying capacity of approximately 5.0 million dwt. The Company controls tonnage totaling 5.1 million dwt, including the owned fleet and three chartered-in vessels.
Source: General Maritime Corporation