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Thursday, March 28, 2024
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Oaktree Funds News

18 May 2012

General Maritime Successfully Emerges from Bankruptcy

General Maritime Corporation has 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").

04 May 2012

General Maritime Corp to Emerge from Bankruptcy Soon

General Maritime Corp. Financial Indebtedness to be reduced by approximately $600 Million; Oaktree Managed Funds to Provide $175 Million in new capital

. General Maritime Corporation (the "Company") has announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") confirmed the second amended joint plan of reorganization (the "Plan") of the Company and its direct and indirect subsidiaries that are debtors under Chapter 11 of the Bankruptcy Code (the "Debtors"). General Maritime currently expects to emerge from Chapter 11 in May 2012 after the conditions to effectiveness of the Plan are satisfied.

28 Mar 2012

General Maritime Announces Agreement With Creditors

New York - General Maritime Corporation announced that it had reached an agreement on a modified plan of reorganization with the Official Committee of Unsecured Creditors, funds managed by Oaktree Capital Management, L.P. and their investment entities and holders of more than 40 percent of the Company's Senior Notes. The Modified Plan is also supported by 66-2/3 percent of the Company's key senior lenders, including its bank group, led by Nordea Bank Finland plc., New York Branch as administrative agent. The Modified Plan will allow for a consensual reorganization of the Company, substantially deleverage the Company's balance sheet, provide a greater recovery to unsecured creditors, and position the Company to be a financially stronger, competitive global enterprise.