General Maritime Successfully Emerges from Bankruptcy
General Maritime successfully completes financial restructuring and emerges from Chapter 11
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").
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.
The company 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.