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Kaye Scholer Represents the Independent Committee of the Board of Directors of General Marit…

May 13, 2011

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.

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