General Maritime seeks extension of exclusivity periods out of caution

By Lisa Kerner

Charlotte, N.C., March 2 - General Maritime Corp. requested an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to documents filed Friday in the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to May 15 from March 16 and the solicitation period to July 14 from May 15.

A hearing on the matter is set for March 15.

General Maritime said it filed for the extension out of "an abundance of caution."

On Feb. 26, the court approved General Maritime's disclosure statement and the debtors are beginning to solicit acceptances of the plan.

The debtors expect to complete the plan solicitation process on or before the April 10 voting deadline, the filing said.

The plan confirmation hearing is set for April 25.

General Maritime is a New York-based provider of international seaborne crude oil transportation services. The company filed for bankruptcy on Nov. 17. The Chapter 11 case number is 11-15285.

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