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News Breaks
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November 17, 2011
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| 07:30 EDT |  | GMR |
| theflyonthewall.com: | General Maritime reaches agreement on $175M new equity investment | | General Maritime announced that it has reached agreements with its key senior lenders, including its bank group, led by Nordea Bank Finland plc, New York Branch as administrative agent, as well as affiliates of Oaktree Capital Management, L.P., on the terms of a financial restructuring to strengthen the Company's balance sheet and enhance its financial flexibility. The restructuring agreement and related equity commitment letter have the support of over two thirds of the company's obligations from its banks and Oaktree. Among other things, under terms of the agreements, Oaktree will provide a $175M new equity investment in General Maritime and convert its prepetition secured debt to equity. Under the terms of the agreement, General Maritime expects to substantially reduce its funded indebtedness and enhance its liquidity profile. Operations are expected to continue without interruption. :theflyonthewall.com |
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