General Maritime Successfully Emerges from Bankruptcy

Press Release
Friday, May 18, 2012

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.


 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Virginia-Class Submarine Named USS Iowa

Secretary of the Navy Ray Mabus hosted a ship-naming ceremony today in Ames, Iowa to announce that SSN 797, a Virginia-class attack submarine, will bear the name USS Iowa.

Finance

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut 13 oil rigs for the first time in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

 
 
Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1534 sec (7 req/sec)