Important Dates
| General Bar Date to File Proof of Claim | February 23, 2012 at 5:00 p.m. (Eastern Time) |
| Disclosure Statement Hearing | February 28, 2012 at 11:00 a.m. (Eastern Time) |
| Governmental Bar Date to File Proof of Claim | May 15, 2012 at 5:00 p.m. (Eastern Time) |
Bar Dates
Please take notice that February 23, 2012 at 5:00 p.m. (Prevailing Eastern Time) has been established as the deadline (the "General Bar Date") by which a person or entity, other than governmental units, must file proofs of claim.
The deadline by which any governmental units must file proofs of claim (the "Governmental Bar Date") is May 15, 2012 at 5:00 p.m. (Prevailing Eastern Time).
See below for the Proof of Claim Form and location to file claims:
Proof of Claim Form
For the location to file a proof claim, please click here
General Maritime: Operations Continuing as Normal
On November 17, 2011, General Maritime - a leading provider of international seaborne oil transportation services - announced that it had reached agreements with certain of its key senior lenders, including its bank group, led by Nordea Bank Finland plc, New York as administrative agent, as well as affiliates of Oaktree Capital Management, L.P., on the terms of a financial restructuring to strengthen the Company's balance sheet and enhance its financial flexibility. General Maritime believes these agreements and the related equity commitment letter, under which the Company will receive an infusion of new capital of at least $175 million, underscore its lenders' confidence in its business and represent an important step forward for the Company. Under terms of the agreement, the Company expects to substantially reduce its funded indebtedness.
In order to implement the terms of the restructuring agreement and equity commitment letter, General Maritime elected to file for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Substantially all of the Company's subsidiaries - with the exception of those in Portugal, Russia and Singapore - have also commenced Chapter 11 cases.
In conjunction with the filing, General Maritime has received a commitment for up to $75 million in new debtor-in-possession (DIP) financing from a group of lenders led by Nordea as administrative agent. In addition, the credit facility contemplates that, if needed, the Company will have access to another $25 million of future financing, subject to the applicable lenders' agreement, certain other conditions and further order of the Bankruptcy Court. The new financing, combined with cash generated from the Company's ongoing operations, will be used to support the business during the restructuring process. General Maritime anticipates that it will continue to meet its obligations going forward to its customers, suppliers and employees.
General Maritime intends to move through this restructuring process as quickly as possible and looks forward to working with all of its stakeholders to complete a successful financial restructuring.
Plan of Reorganization and Disclosure Statement
On January 31, 2012, the Debtors filed their proposed Plan of Reorganization and Disclosure Statement. A hearing to consider approval of the Disclosure Statement is scheduled for February 28, 2012 at 11:00 a.m., Eastern Time, in Room 501 of the United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, New York 10004 (see Disclosure Statement Notice). Please note that the Plan of Reorganization and Disclosure Statement have not been approved by the Bankruptcy Court. The deadline for filing objections to approval of the Disclosure Statement is 4:00 p.m., Eastern Time, on February 21, 2012.
This is not a solicitation of acceptance or rejection of the Plan of Reorganization.
Acceptance or rejection may not be solicited until the Disclosure Statement has been approved by the Bankruptcy Court. In addition, the Disclosure Statement and Plan of Reorganization may be revised to reflect events that occur after the date of their filing but prior to Court approval.