Tanker Operator General Maritime Sets Sail For Ch. 11

Law360, New York (November 17, 2011, 2:56 PM EST) -- Citing falling demand for oil and a glut of ships, oil tanker operator General Maritime Corp. on Thursday filed for Chapter 11 bankruptcy protection as it completes a proposed $175 million equity investment from private equity firm Oaktree Capital Management LP.

New York-based General Maritime did not file a restructuring plan in Manhattan bankruptcy court along with its petition, but said in its court filings that Oaktree, one of its major creditors, had agreed to convert its prepetition secured debt in the company into stock in...
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