General Maritime, which had filed for Chapter 11 bankruptcy protection in November, said private equity firm Oaktree Capital Management will provide it with $175 million in new capital under its plan of reorganization.
The crude oil and refined petroleum products shipper will continue to operate as a going concern and reduce its funded indebtedness by about $600 million, the company said in a statement.
General Maritime said it has filed a plan of reorganization with the United States Bankruptcy Court for the Southern District of New York, and intends to seek confirmation of the plan by April.
The company, which owns a fleet of 30 tankers, had been weighed down by the downturn triggered by an oversupply of vessels amid weak demand.
Source: Reuters