General Maritime Set To Sail Out Of Ch. 11

Law360, New York (May 3, 2012, 3:45 PM EDT) -- General Maritime Corp. is set to end its bankruptcy stint after a New York bankruptcy judge confirmed a Chapter 11 plan Thursday that will see the oil tanker emerge under the control of private equity firm Oaktree Capital Management LP.

Overruling the three objections that remained after the debtor reached a deal with the official committee of unsecured creditors and other parties, U.S. Bankruptcy Judge Martin Glenn approved the second amended joint plan of reorganization, which will see unsecured creditors recover 5.41 percent of what they're...
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