General Maritime Pushes For $75M DIP Loan

Law360, New York (December 14, 2011, 7:41 PM EST) -- Oil tanker operator General Maritime Corp. sought approval of a $75 million debtor-in-possession loan proposal in New York on Wednesday that creditors fear could leave private equity firm Oaktree Capital Management LP holding the reorganized company after bankruptcy.

The company told the New York bankruptcy court that the Oaktree financing was only made possible by an extensive search, was on the best possible terms available and was necessary to General Maritime's eventual emergence from bankruptcy.

“The proposed DIP financing is essential to the debtors' ability to...
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