Capabilities

Debt and equity investment

Independent Committee of the Board of Directors of General Maritime Corporation

Our attorneys represented the Independent Committee of the Board of Directors of General Maritime Corporation (NYSE: GMR) in connection with a $200 million debt and equity investment by Oaktree Capital Management L.P. and related recapitalization transactions.  In connection with this transaction, General Maritime, a leading crude and products tanker company with a 31-tanker fleet, issued $200 million payment-in-kind toggle floating rate secured notes maturing in 2018 and warrants to purchase 19.9 percent of the outstanding General Maritime common stock to Oaktree.  In related transactions, General Maritime refinanced $550 million of its outstanding debt.

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