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News Breaks
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November 17, 2011
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| 07:32 EDT |  | GMR |
| theflyonthewall.com: | General Maritime files voluntary Chapter 11 petition for financial restructure | | In order to implement the terms of the restructuring agreement and equity commitment letter, General Maritime today elected to file for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Substantially all of the Company's subsidiaries – with the exception of those in Portugal, Russia and Singapore as well as certain inactive subsidiaries– have also commenced Chapter 11 cases. In conjunction with the filing, General Maritime has received a commitment for up to $100M in new debtor-in-possession, or DIP, financing from a group of lenders led by Nordea as administrative agent. :theflyonthewall.com |
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