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
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Copyright (C) 2012 PR Newswire. All rights reserved
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KEYWORD: New York
INDUSTRY KEYWORD: MAR
TRN
SUBJECT CODE: OFR
RCN
...and where are the clowns? There ought to be clowns... Well, maybe next year.
