Reuters: Bankruptcy News: UPDATE 1-General Maritime expects to emerge from bankruptcy in May

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UPDATE 1-General Maritime expects to emerge from bankruptcy in May May 3rd 2012, 21:26 Thu May 3, 2012 5:26pm EDT May 3 (Reuters) - Tanker shipping company General Maritime Corp expects to emerge from bankruptcy in May after its amended reorganization plan was approved by the bankruptcy court. The company, which ships crude oil and refined petroleum products, will get $175 million in new capital from private equity firm Oaktree Capital Management. The reorganization plan, filed with the U.S. Bankruptcy Court for the Southern District of New York, was unanimously approved by the company's senior lenders. The New York-based company had filed for Chapter 11 bankruptcy protection in November last year, after an oversupply of vessels triggered a downturn in the tanker shipping industry. Separately, one of Europe's biggest dry bulk ship operators, Deiulemar Compagnia di Navigazione, was declared bankrupt earlier on Thursday, raising fears that others could collapse as a four-year slump in the sector takes its toll.

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