Not Pretty – Genmar Obtains Waiver

While it comes as no surprise given the state of the market, General Maritime announced on Monday, after the market closed, that it had reached agreement with its lenders to waive the $35 million minimum cash balance covenant under its $550 million revolving credit facility, its $372 million term loan facility and its $200 million Oaktree Capital Management facility through November 10, 2011 unless an event of default occurs under any of those facilities prior to that date.

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