Kaye Scholer Represents the Independent Committee of the Board of Directors of General Maritime Corporation in Connection with a Recapitalization Transaction

Kaye Scholer 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.

The Kaye Scholer team consisted of Emanuel Cherney, Steven Canner, Sheryl Gittlitz and Javier Stark.