General Maritime Corp., the second- largest U.S. owner of oil tankers, filed for bankruptcy protection from creditors after falling oil demand and a surplus of ships led to two years of losses, according to the fine folks at Bloomberg.
The New York-based company listed assets of $1.71 billion and debt of $1.41 billion today in a Chapter 11 petition in U.S. Bankruptcy Court in Manhattan. Lender Oaktree Capital Management LP agreed to make a $175 million equity investment and a group led by Nordea Bank Finland Plc will provide as much as $100 million in financing to help the company through reorganization, General Maritime said.
“There will be others joining them” in bankruptcy, Nigel Prentis, a London-based analyst at HSBC Shipping, said by phone today. “If you look at the listed universe of tanker companies, you are seeing their share prices have just collapsed this year. The stock market has given up on them.”
Find out more at http://www.bloomberg.com/news/2011-11-17/general-maritime-files-for-bankruptcy-protection-with-1-4-billion-in-debt.html
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