General Maritime Gets $30M, Plots Swift Ch. 11 Course

Law360, New York (November 18, 2011, 6:21 PM EST) -- A New York bankruptcy judge on Friday granted tanker operator General Maritime Corp. permission to immediately dip into $30 million in financing in order to keep operations afloat while it tries to navigate a quick exit from Chapter 11 protection.

U.S. Bankruptcy Judge Martin Glenn approved a motion by General Maritime to access on an interim basis a portion of the $75 million debtor-in-possession financing offered over at least the next nine months by its prepetition lenders, including Nordea Bank Finland PLC, so that the company's...
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