Nearing Deal, General Maritime Wins Exclusivity Extension

Law360, New York (March 15, 2012, 1:17 PM EDT) -- General Maritime Corp. is nearing agreement with unsecured creditors and large bondholders on a consensual Chapter 11 plan, an attorney for the bankrupt oil tanker operator said at a hearing Thursday, where it gained more time to exclusively file a plan.

U.S. Bankruptcy Judge Martin Glenn granted the debtor's motion to extend the exclusivity period by 60 days, during which time only it can file a Chapter 11 plan as it solicits further support and works out differences with the other parties.

According to Kenneth Eckstein...
To view the full article, register now.