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the old shares are history, worthless
Would like a update or any information anyone has on this one
Anyone know what is going on here? Would appreciate what the story is here. Is this company coming back as a new symbol?
GMRRQ General Maritime Corporation New Common Stock 5/17/2012 100 Bankruptcy Plan effective- Shares cancelled. Deletion Time: 14:18:46
http://www.otcbb.com/asp/dailylist_detail.asp?d=05/17/2012&mkt_ctg=ALL
jaxstraw, any thoughts on the daily
price and volume action here? Traders playing on confusion by some?
-Will
I really don't know,
it would be unusual, but not unheard of. They seem to be in a hurry
to exit bk, out of necessity, so it shouldn't take long to find out.
I'm watching from a distance at this point.
Are common's going to be saved?
News for 'GMRRQ' - (DJ General Maritime Unsecured Creditors Set To Recover More)
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
General Maritime Corp. (GMRRQ) has reached a deal with a previously disgruntled group of creditors that should help the shipper move ahead with a plan to exit bankruptcy in the hands of Oaktree Capital Management LP.
In a Monday filing with U.S. Bankruptcy Court in Manhattan, General Maritime said the deal improves recovery for its unsecured creditors to 5.41% of what they're owed, up from a range of 0.75% to 1.88%.
"The global settlement will allow for a consensual reorganization, substantially deleverage the debtors' balance sheet, provide a material recovery to unsecured creditors, and allow the debtors to continue as a going concern post-emergence," General Maritime said in the filing.
A hearing on the changes, which modify the investment agreement with Oaktree, is set for next week.
General Maritime is rushing to get confirmation of its bankruptcy plan, which is backed by a $175 million equity investment by Oaktree, the company's top lender before it filed for bankruptcy.
At a hearing last month, unsecured creditors objected to myriad issues with the proposal, including a provision that called for Oaktree to get 100% of a reorganized General Maritime's equity. That version of the proposal would have paid unsecured creditors $6 million, including participation in a $61.25 million rights offering, as well as warrants to purchase up to 2.5% more of the equity.
Now, the rights offering is scrapped, and unsecured creditors will get 2% of the reorganized General Maritime's equity and warrants to purchase up to 3% more of the equity, in addition to the $6 million in cash.
The unsecured creditors had argued last month that General Maritime should be valued higher, which would leave more money for them. One lawyer for the committee had said an eventual sale of General Maritime's assets to a third party could also result in more money for unsecured creditors.
But at the same hearing, General Maritime called its case a "melting ice cube" and said it needs to get out of bankruptcy fast, hopefully by May. A judge that day agreed, sending the plan to creditors for a vote. A hearing on final confirmation of the plan is currently set for April 25. In its Monday filing, Oaktree said it didn't think it would have to poll creditors again, since the groups that voted against it are now getting better recoveries.
General Maritime last November filed for Chapter 11 protection with some $1.4 billion in debt after struggling in the wake of waning demand for its global marine shipping services. Its proposal would slash the debt by about $600 million.
The shipper's 33-vessel fleet travels to about 230 ports of call in more than 70 countries. Its ships transport crude oil and refined petroleum products, and its biggest customers include BP PLC (BP), Chevron Corp. (CVX), ConocoPhillips (COP) and Exxon Mobil Corp. (XOM).
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Joseph Checkler; Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com
(END) Dow Jones Newswires
March 27, 2012 13:28 ET (17:28 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.- - 01 28 PM EDT 03-27-12
Source: DJ Broad Tape
First they gave themselves a bonus and then they will cancel all shares.
BK is BK
Hey w1ldflower, I never got into this stock. Got nervous that the company was trying to oust shareholders. However, it seems that the pps would rise exponentially if they survived the bk and SH were included. As you can see, the pps used to be pretty high. Good luck!
correction to post 451,
the number should have been .013.
said once again. I'm trying to figure out what effect this reorganization plan, if successful will have on the price of this stock.
i have read all the bankruptcy stuff. now what i want to know is if this plan go's through and works, what effect will it have on the value of the shares shown today @ .0018 as i write this.
Is this stock done?
http://www.bloomberg.com/news/2012-03-01/general-maritime-reports-net-loss-of-63-7-million-for-month-of-january.html
General Maritime Reports Net Loss of $63.7 Million for Month of January
By Tiffany Kary - Mar 1, 2012 10:06 AM CT
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General Maritime Corp. (GMR), the second- largest U.S. owner of oil tankers reorganizing in bankruptcy, reported a net loss of $63.7 million for the month ended Jan. 31.
The net loss since its Nov. 17 bankruptcy filing is $103.5 million, and total assets are $1.67 billion, according to the operating report filed in Manhattan bankruptcy court yesterday. Assets include cash of $15 million and vessels valued at $1.5 billion.
On Feb. 28, the New York-based company won provisional court approval to reorganize even as a bankruptcy judge told creditors to prepare their evidence for an expected fight over final approval of a Chapter 11 plan. The proposed terms will cancel all of General Maritime’s old stock and give all the stock in a new company to Oaktree Capital Management LP (OAKTRZ).
General Maritime Disclosure Statement Approved by Court
3 hours 57 minutes ago - PR Newswire via Comtex
General Maritime Corporation (OTC BB: GMRRQ) announced today that the U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") has approved the disclosure statement (the "Disclosure Statement") filed in connection with the Company's proposed Joint Plan of Reorganization of the Debtors Under Chapter 11 of the Bankruptcy Code (the "Plan"). Approval of the Disclosure Statement allows General Maritime to solicit approval of the Plan from its creditors.
The hearing to consider approval of the Plan by the Bankruptcy Court is scheduled to commence on April 25, 2012.
General Maritime has made substantial progress in its ongoing restructuring efforts and intends to continue working with its stakeholders to position the Company for long-term growth as a leading provider of international seaborne oil transportation services. Under the Plan, the Company will receive an infusion of $175 million in new capital from funds managed by Oaktree Capital Management, L.P. ("Oaktree"). The Plan also allows general unsecured creditors to participate in the new equity investment on the same economic terms as Oaktree through the rights offering described below. In addition, holders of general unsecured claims against General Maritime Corporation will receive their pro rata share of warrants to purchase 2.5% of the new equity of the reorganized Company.
Following the completion of the restructuring process, General Maritime will continue to operate as a going concern and will reduce its funded indebtedness by approximately $600 million. The Plan is supported by Oaktree and the Company's banks, which together hold over two-thirds of the claims against the Company. The Company notes that discussions are ongoing with the Creditors' Committee and certain other holders of Senior Note Claims, and the Company is hopeful that consensus on the Plan will be reached.
The Plan is subject to confirmation by the Bankruptcy Court. This release is not intended as a solicitation for a vote on the Plan.
In connection with its approval of the Disclosure Statement, the Bankruptcy Court also set February 28, 2012 as the voting record date for holders of claims and equity interests in the Debtors. The Disclosure Statement, including the Plan and voting ballots, is expected to be mailed to record holders not later than March 6, 2012. The voting period for the Plan ends on April 10, 2012 at 5:00 p.m. Eastern Time.
General Maritime also announced today that the Court has approved the procedures required to conduct its rights offering. Under the terms of the rights offering:
General unsecured creditors who are eligible to participate under applicable securities laws will have the ability to purchase up to 17.5% of the equity in the reorganized Company for $61.25 million, at a subscription price of $36.84 per share;
To the extent that the rights offering is not fully subscribed by general unsecured creditors, Oaktree is committed to purchase any unsubscribed rights;
General unsecured creditors not eligible to participate in the rights offering will receive the cash equivalent of the right to participate in the offering, approximately equal to a 0.75% recovery on their unsecured claims;
To participate in the rights offering or to receive the cash equivalent, general unsecured creditors must return an investor certificate certifying whether or not they are qualified institutional buyers or accredited investors under applicable securities laws.
The Disclosure Statement, which is available at www.GMRRestructuring.com, includes a historical profile of the Company, a description of proposed distributions to creditors, an analysis of the Plan's feasibility and an outline of technical matters associated with the solicitation and voting process.
Additional information about General Maritime's financial restructuring is available via the Company's Restructuring Information Hotline at (888) 435-3302 in North America or at (614) 553-1243 internationally. General Maritime's U.S. Claims Agent also maintains a website containing Bankruptcy Court documents and other updates at www.GMRRestructuring.com.
Kramer Levin Naftalis & Frankel LLP is serving as the Company's legal advisor, and Moelis & Company is serving as the Company's financial advisor.
This release is not an offering of any securities to be offered pursuant to the Plan or the rights offering. Such securities will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an applicable exemption therefrom.
About General Maritime Corporation
General Maritime Corporation is a leading crude and products tanker company operating principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe, and the North Sea. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. General Maritime owns a fully double-hull fleet of 30 tankers - seven VLCC, eight Aframax, twelve Suezmax, two Panamax, and one product tanker - with a total carrying capacity of approximately 5.2 million dwt. The Company also has three product tankers that are chartered-in with options to purchase the vessels. The Company controls tonnage totaling 5.3 million dwt, including the owned fleet and the chartered-in fleet.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward-looking statements contained in this press release are the following: the satisfaction of the conditions to the consummation of the Plan, as described in the Plan and the Disclosure Statement; the occurrence of any event, change or other circumstance that could give rise to the termination of the restructuring support agreement, pursuant to which various stakeholders have agreed to support the Plan, or the equity commitment agreement, pursuant to which Oaktree-managed funds have agreed to put new capital into the Company; objections that may be raised with respect to the Plan and the treatment of those objections in the Chapter 11 cases; the outcome of the discussions with the Creditors Committee and the ability of the Company and the Creditors Committee to achieve consensus; whether the Company is able to generate sufficient cash flows to meet its liquidity needs, service its indebtedness and finance the ongoing obligations of its business as contemplated by the Plan, including the extent to which the Company's operating results may continue to be affected by weakness in market conditions and charter rates; the effects of the Bankruptcy Court rulings in the Chapter 11 cases and the outcome of the cases in general; the length of time the Company will operate under the Chapter 11 cases; the pursuit by the Company's various creditors, equity holders and other constituents of their interests in the Chapter 11 cases in general; other potential adverse effects of the Chapter 11 proceedings on liquidity or results of operations in general, including the Company's ability to operate pursuant to the terms of the debtor-in-possession facility and increased administrative and restructuring costs related to the Chapter 11 cases; the Company's ability to maintain contracts that are critical to its operation, to obtain and maintain acceptable terms with its vendors, customers and service providers and to retain key executives, managers and employees during the pendency of the Chapter 11 cases; the Company's ability to obtain sufficient and acceptable "exit" financing; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE General Maritime Corporation
Hey Everyone!
I'm new to investorshub and new to investing in general.
What are peoples thoughts on GMRRQ? Sell now or is this a long term stock that will eventually be back to $5-35 dollars like 2008 and before?
How will their bankrupcy affect this stock?
I AM GREATFUL FOR ANY INFORMATION!!!
News for 'GMRRQ' - (General Maritime Changes Record Date for Rights Offering New Record Date To Be February 24, 2012)
NEW YORK, Feb. 17, 2012 /PRNewswire via COMTEX/ -- General Maritime Corporation
(OTCBB: GMRRQ) (the "Company") announced today a change in the record date for
its proposed rights offering to February 24, 2012 from February 8, 2012, as
previously announced. The rights offering is contemplated by the Company's Plan
of Reorganization (the "Plan") filed with the United States Bankruptcy Court for
the Southern District of New York (the "Bankruptcy Court").
In the rights offering, eligible holders of general unsecured claims against
debtors who guarantee the Company's obligations under its secured credit
facilities will have the opportunity to purchase up to 17.5% of the new equity
of the reorganized Company on an undiluted basis for up to $61.25 million. The
record date will be used to determine generally the holders of general unsecured
claims that are eligible to participate in the rights offering. Certain
additional claims holders as described in the Plan and transferees of claims in
accordance with the Plan may also be eligible to participate in the rights
offering. The rights offering will be limited to those holders of general
unsecured claims that are either qualified institutional buyers or accredited
investors as defined by applicable securities laws.
Additional information about General Maritime's financial restructuring is
available via the Company's Restructuring Information Hotline at (888) 435-3302
in North America or internationally at (614) 553-1243. A website has also been
set up by General Maritime's U.S. Claims Agent containing Court documents and
other updates (www.GMRRestructuring.com).
The Company intends to file an amended Plan and Disclosure Statement (the
"Disclosure Statement") relating to the Plan with the Bankruptcy Court to
reflect the change in the record date and to make certain related modifications.
The Plan and Disclosure Statement have not been approved by the Bankruptcy
Court. This release is not intended to be, nor should it be construed as, a
solicitation for a vote on the Plan. Acceptance or rejection of the Plan may not
be solicited until the Disclosure Statement has been approved by the Bankruptcy
Court. In addition, the Plan and Disclosure Statement may be revised to reflect
events that occur after the dates of their filing but prior to Bankruptcy Court
approval.
About General Maritime CorporationGeneral Maritime Corporation is a leading
crude and products tanker company operating principally within the Atlantic
basin, which includes ports in the Caribbean, South and Central America, the
United States, West Africa, the Mediterranean, Europe and the North Sea. General
Maritime also currently operates tankers in other regions including the Black
Sea and Far East. General Maritime owns a fully double-hull fleet of 30 tankers
- seven VLCC, eight Aframax, twelve Suezmax tankers, two Panamax and one product
tanker - with a total carrying capacity of approximately 5.2 million dwt. The
Company also has three product tankers that are chartered-in with options to
purchase the vessels. The Company controls tonnage totaling 5.3 million dwt,
including the owned fleet and the chartered-in fleet.
SOURCE General Maritime Corporation
www.prnewswire.com
Copyright (C) 2012 PR Newswire. All rights reserved
-0-
KEYWORD: New York
INDUSTRY KEYWORD: MAR
TRN
SUBJECT CODE: OFR
RCN
No major news yet. To force it higher.
GLTA..
GO GMR Go..
DrR..
Unreal...can we break 0.025 and 0.028 and hold???
Its possible...looks like the bulk sector is picking up today a bit with DRYS, EXM, and FRO all in semi-rally mode.
BK, That is something to review.
I believe someone large is trying to cover a short.
GLTA..
GO GMR.
DrR..
I did this afternoon, I'll check the address
hey bud did u ever send the email?
Today's buying could be a hedge fund or large investor adding a new position. Although the volume was nothing major, I find hard to believe that retail traders have been causing all this weird trading in the last few weeks. It also didn't surprise me that the unsecured creditors would ask for an examiner when they were due to receive pennies on the dollar. Also interesting is the CEO and founder Peter C. Georgiopoulos still owns 5.4% of the company brokered through a deal w/ Oaktree I think.Hmmm not sure I need to do some more DD on that one.
Ceo Ownership Link:
http://data.cnbc.com/quotes/GMRRQ/tab/8
BK, The filing by the creditors committee is an interesting find..
Hedge Funds that get into BK Companies have a history of alledged BK Fraud.
Especailly when the fund does not take a role as in a Credotir Committee. Which has Stock Trading rules. They can not trade.
Delaware BK Judge has found that in her Sept 2011 Ruling in the WAMU case that Appolusa, Aurelius, Owl Creek (AAOC) Hedge Funds were (Alledged) trading BK Stocks and Bonds with Inside Information. And had a blocking position when negotiating with settling parties.
If the Debtor Crashes this Equity Party..
IMO: There is a case for BK Fraud here and Fraudulent transfer..
If Executives sold the company to Oak Creek for pennies on the dollar for a prepackaged BK loan value to ditch equity.
Then The Executives should never should have been paid bonuses..
anyway..
Lets go discover the Hedge Fund..
GLTA..
GO GMRQ Go..
DrR..
I agree....crazy action in the last week of Jan and today. A little over 3x the average volume on no news.
thanks man much appreciated.
i grabbed some today....my guess is that something big is coming because the buying made no sense...UBSS and VFIN were fighting for shares like crazy...if they are to get a majority for a vote this was them doing it...who knows R/M, Acquisitions....i think something is brewing here and a few on here were lucky to grab shares!
Parobolic, I need an email address...cant reply via mail box
DEBTORS’ RESPONSE TO EX PARTE 2004 APPLICATION OF OFFICIAL
COMMITTEE OF UNSECURED CREDITORS FOR ORDER REQUIRING DEBTORS
AND THIRD PARTIES TO APPEAR FOR EXAMINATION PURSUANT TO RULE
2004 OF THE FEDERAL RULES OF BANKRUPTCY PROCEDURE
TO THE
1. The Debtors do not object to the Committee’s ongoing efforts to
investigate the Oaktree Transaction and determine if there are any viable causes of action in connection therewith. To that end, the Debtors have consistently informed the Committee that
they will fully cooperate with any reasonable discovery requests by the Committee.
http://www.gmrrestructuring.com/pdflib/281_15285.pdf
longed some shares today
looking good
Obviously the key here would be to break 0.03 and hold.
700,000 block started the move from 0.02-0.025. Followed buy a few little petty trades to bring it back down to 0.018.
yup.......some one is playing games
I have never seen a stock trade as ridiculous as this one. I have counted at least 4 or 5 false breakouts.
At the current POR yes they will be cancelled. But their will be a few hearings before the plan is confirmed. If the Examiner finds any wrong doing which is already suspected then I believe the current plan gets tossed out immediately. Even so it does not mean equity will receive anything but also implies that they may, or current shares might remain intact. Highly doubtful but with bk plays anything is possible.
zzzz. worst trade of the day. lost commission
Which means those holding shares in the open market have no value, is my understanding correct?
30 second dd:: GMRRQ holders of general unsecured claims against the non-guarantor debtors
will receive any cash available after payment of all senior claims;
The Plan provides for a record date of February 8, 2012 for determining generally the holders of general unsecured claims that are eligible to participate in the rights offering. I
The Company intends to seek confirmation of the Plan by April 2012 .
Running again...lets see if it holds this time. The only to new dockets I have read are: Examiner has been appointed to look into any wrongdoings in the chp 11 filing and a shareholder has asked the judge to reconsider equity holders.
Are they not talking about new equity as in new shares which will be issued meaning the current shares will become valueless??? Or am I misunderstanding the new agreements?
The stock is overvalued when you can buy a 100 dollars of their bonds for a dollar. If you want to make a bet buy the bond
http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?ID=MzcwMjkwQUY1
Oaktree is in the house for all of it...
In consideration for its equity investment and, pursuant to the Plan, the contribution of the outstanding obligations under the prepetition Amended and Restated Credit Agreement, dated as of May 6, 2011, as amended, by and among the Company, certain of its affiliates, and certain affiliates of Oaktree, including OCM Marine Investments CTB, Ltd., as the initial lender (the "Supporting Oaktree Lender"), Oaktree and/or the Supporting Oaktree Lender will receive 100% of the shares of equity in the reorganized Company (the "Reorganized Equity") which are outstanding immediately after the effective date of the Plan...
http://biz.yahoo.com/e/111221/gmrrq.ob8-k.html
Now.. This again proves the GMRRQ was a solvent debtor.
Thus.. All Senior and Junior Notes are subject to the federal judgement rate. Not contract interest rates..
FRJ is less than 1% at this current moment..
Oaktree Capital is in the house for $375M
http://biz.yahoo.com/e/120112/gmrrq.ob8-k.html
http://biz.yahoo.com/e/111221/gmrrq.ob8-k.html
Now since the Debtor is to be determined as a solvent debtor.
Again Equity must remain intact to get the NOL's.
Per the MOR.. 25m$ todate.
IMO: The derivative debt can be considered a loss.
GLTA..
GO GMRRQ..
DrR..
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