General Maritime granted extension of exclusivity periods for plan

By Jim Witters

Wilmington, Del., March 15 - General Maritime Corp. received court approval for an extension of its exclusive periods for filing a Chapter 11 plan and soliciting acceptances of that plan, according to documents filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The approval moves its exclusive plan-filing period to May 15 from March 16 and the solicitation period to July 14 from May 15.

As previously reported, 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 scheduled 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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