General Maritime, Creditors Reach Deal On $75M DIP Loan

Law360, New York (December 15, 2011, 3:11 PM EST) -- General Maritime Corp. reached an agreement Thursday with unsecured creditors of the bankrupt oil tanker operator, resolving their objections to a proposed $75 million debtor-in-possession loan provided by a private equity firm and the creation of an equity committee, as the debtor eyes a potential auction.

The agreement enables the company to go forward with the DIP package, provided by private equity firm Oaktree Capital Management LP, in return for certain concessions to the unsecured creditors committee.

“We are very pleased to have reached a resolution,...
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