Daily News: February 27, 2012

Bloomberg: General Maritime Files Amended Reorganization Plan


General Maritime has filed an amended plan of reorganization in the U.S. Bankruptcy Court for the Southern District of New York after its unsecured creditors objected to its previous plan, a Bloomberg article said.

Under the new plan, the company would pay secured claims in full, raise about $61 million in a rights offering and decrease its debts by $600 million.

The new plan, Bloomberg said, doesn’t cover objections brought by unsecured creditors on Tuesday, February 21 regarding exploring alternatives to a $175 million investment by Oaktree Capital Management.

To read the Bloomberg article in its entirety, click here.

Previously on abfjournal.com:

General Maritime Files Reorganization Plan, Disclosure Statement, Friday, February 03, 2012