General Maritime DIP loan amended to revise minimum EBITDA covenant

By Caroline Salls

Pittsburgh, April 2 - General Maritime Corp. has entered into a second amendment to its debtor-in-possession credit agreement with Nordea Bank Finland plc, according to an 8-K filed Monday with the Securities and Exchange Commission.

The amendment revises the company's minimum EBITDA requirement. The requirement for February is $4.22 million; the requirement for March is $6.34 million; the requirement for April is $8.57 million; the requirement for May is $11.84 million; the requirement for June is $15.03 million; the requirement for July is $19.19 million; the requirement for August is $23.17 million; the requirement for September is $27.53 million; and the requirement for October is $32.76 million.

The second amendment also waives any event of default resulting from non-compliance with the minimum EBITDA covenant before the second amendment.

The company said the parties to its equity purchase agreement have consented to the DIP loan amendment, including Oaktree Principal Fund V, LP, Oaktree Principal Fund V (Parallel), LP, Oaktree FF Investment Fund, LP - Class A and OCM Asia Principal Opportunities Fund, LP.

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. The Chapter 11 case number is 11-15285.

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