General Maritime Creditors Balk At Oaktree Ties

Law360, New York (December 12, 2011, 7:25 PM EST) -- The newly formed creditors committee of tanker operator General Maritime Corp. on Monday questioned a prepetition loan from Oaktree Capital Management LP and objected to provisions in a proposal that could leave the private equity firm holding the reorganized company after bankruptcy.

Oaktree had advanced General Maritime $200 million in May so that it could pay down bank debt, and Oaktree is now the proposed stalking horse bidder for any asset sale if the company isn't able to file a consensual bankruptcy plan soon.

But creditors...
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