Independent journal on economy and transport policy
04:21 GMT+2
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General Maritime Corporation has asked the admission Chapter 11 for the American bankrupt law
Injection of capital of 175 million dollars from Oaktree
November 18, 2011
Maritime the shipowning society American General Corporation (GenMar) has yesterday asked the admission the procedure for restructure for the company previewed from chapter 11 for the American bankrupt law. The company has specified that practically all own branches adopt such procedure with the exception of those in Portugal, Russia and inactive Singapore and of some branches.
Meanwhile GenMar has announced to have obtained support by the backers with an injection of capital of 175 million dollars from affiliated of Oaktree Capital Management and with the access to a credit line of 75 million dollars (that it will be able to arrive to 100 million with the approval of the backers and the bankrupt court) from a group of financials institution guided from Nordea. "We are very pleased - the financial director of the company has commented, Jeffrey D. Pribor - to have reached these agreements with some of our main backers, what that to our warning their confidence in our activity emphasizes and constitutes an important step ahead for our company and offers a support to the liquidity".
"Our activities - it has continued Pribor - are solid, but the persistent macroeconomic weakness and the reduction of the hires in the field tanker have diminished our cash flow and our ability to respect some financial engagements of our program of indebtedness".
Evidencing that GenMar is assuming the appropriate initiatives for the restructure financial institution of the society, Pribor has emphasized that "General Maritime possesses and work one of largest and diversified to fleets of tankers of the world. Currently the fleet of the company is constituted by 35 ships, of which seven Very Large Raw Carrier, 12 Suezmax (of which in delivery), ten Aframax, two Panamax and four Handysize.
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