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Straightforward Solution – The Banks Express Confidence in Genmar

On Wednesday, General Maritime Corporation announced that it had amended its $550 million revolving credit facility and its $372 million senior secured credit facility, each led by Nordea and DnB NOR as well as its $200 million facility with Oaktree Capital to reduce the minimum cash covenant. Under the agreed terms, the minimum cash and cash equivalent balance and revolver availability is reduced from $50 million to $35 million through December 31, 2011, which amount steps up to $40 million through March 31, 2012. Subsequent to the latter date, the original terms apply. In the case of the Oaktree facility only a 10% cushion in Genmar’s favor applies.

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