General Maritime announces new Feb. 24 rights offering record date

By Caroline Salls

Pittsburgh, Feb. 17 - General Maritime Corp. said the record date for its proposed rights offering has been changed to Feb. 24 from Feb. 8, according to a company news release.

In the rights offering, eligible holders of general unsecured claims against debtors who guarantee General Maritime's secured credit facility obligations 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.

According to the release, the record date will be used to determine which holders of general unsecured claims are eligible to participate in the rights offering.

The offering will be limited to holders of general unsecured claims that are either qualified institutional buyers or accredited investors.

General Maritime said some additional claimants and transferees of claims may also be eligible to participate in the rights offering.

The company said it will file an amended plan of reorganization and disclosure statement to reflect the change in the record date and make related modifications.

General Maritime is a New York-based provider of international seaborne crude oil transportation services. The company filed for bankruptcy on Nov. 17 in the U.S. Bankruptcy Court for the Southern District of New York under case number 11-15285.

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