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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Maritime NZ Oil Spill Response Review: Submissions

Maritime New Zealand (MNZ) says it invites submissions on its draft updated New Zealand Marine Oil Spill Response Strategy 2014 (the draft Strategy). The draft Strategy, (available at http://bit.

Finance

Cat Financial Announces Second-Quarter 2014 Results

Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter

General Dynamics Gets $67mi Order from Peruvian Govt.

The Peruvian Ministry of Defence has awarded a USD$67 million contract to General Dynamics Land Systems-Canada for 32 Light Armoured Vehicles (LAVs) for the Peruvian Marines.

BW Offshore to Fully Own FPSO Petroleo Nautipa

Following to BW Offshore's announcement of 9 July 2014, BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1610 sec (6 req/sec)