General Maritime, Navig8 Crude Complete Merger
General Maritime Corporation and Navig8 Crude Tankers Inc. General Maritime Corporation and Navig8 Crude Tankers Inc. have completed a merger to create Gener8 Maritime, Inc., a U.S.-based provider of international seaborne oil transportation services. In accordance with the terms of the definitive agreement, Navig8 Crude merged with a newly-formed subsidiary of General Maritime and became a wholly-owned subsidiary of General Maritime. General Maritime was renamed Gener8 Maritime. Navig8 Crude shareholders will receive 0.8947 shares of Gener8 Maritime for each share of Navig8 Crude common stock. The definitive agreement provides that…
General Maritime Reorganizes
General Maritime Files Plan of Reorganization and Disclosure Statement; Plan Supported by the Company's Key Senior Lenders. General Maritime Corporation announced today that it has filed a Plan of Reorganization (the "Plan") and a Disclosure Statement (the "Disclosure Statement") with the United States Bankruptcy Court for the Southern District of New York (the "Court"). The Company intends to seek confirmation of the Plan by April 2012. Under the terms of the Plan, the Company will receive an infusion of $175 million in new capital from funds managed by Oaktree Capital Management, L.P. ("Oaktree"), less the amount raised in the rights offering described below, will continue to operate as a going concern and will reduce its funded indebtedness by approximately $600 million. Jeffrey D.
