General Maritime Eyes Ch. 11 Exit After Negotiating Frenzy

Law360, New York (February 28, 2012, 6:45 PM EST) -- A New York bankruptcy judge approved General Maritime Corp.'s disclosure statement for its Chapter 11 plan Tuesday after the debtor agreed to last-minute concessions to unsecured creditors, setting the oil tanker operator up for an April 25 confirmation hearing on the plan.

U.S. Bankruptcy Judge Martin Glenn granted General Maritime the approval it needed to go ahead with its disclosure statement, which accompanies and explains a Chapter 11 plan, at a hearing at which the debtor and attorneys for the official committee of unsecured creditors worked...
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