General Maritime Files Amended Reorganization Plan After Creditors Object
By Sophia Pearson – Feb 27, 2012 8:30 AM ET
The amended plan doesn’t address objections raised Feb. 21 by the official committee of unsecured creditors that the company failed to explore alternatives to a $175 million equity investment from Oaktree Capital Management LP, according to papers filed yesterday in U.S. Bankruptcy Court in New York.
Under the reorganization plan, General Maritime would pay secured claims in full, reduce debt by $600 million and raise $61.3 million in a rights offering. The amended plan changes the rights offering schedule to allow claims as of March 26.
General Maritime, which operates in more than 230 ports of call in more than 70 countries, filed for bankruptcy in November. The company listed assets of $1.71 billion and debt of $1.41 billion in its Chapter 11 petition.
The case is In re General Maritime Corp., 11-15285, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Sophia Pearson in Philadelphia at firstname.lastname@example.org