Reuters: Bankruptcy News: UPDATE 1-General Maritime comes out of bankruptcy

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UPDATE 1-General Maritime comes out of bankruptcy May 17th 2012, 21:41 Thu May 17, 2012 5:41pm EDT May 17 (Reuters) - Marine tanker operator General Maritime Corp has come out of Chapter 11 bankruptcy protection six months after falling victim to rising debt and vessel oversupply. The company cut its debt by about $600 million and received $175 million from private equity firm Oaktree Capital Management LP, General Maritime said in a statement on Thursday. General Maritime had listed liabilities of $1.41 billion as of September end. New York-based General Maritime's exit from bankruptcy comes at a time when rivals Frontline Ltd and Teekay Tankers Ltd are commanding higher daily rates on Chinese oil demand. General Maritime owns 29 tankers, including seven very large crude carriers, with a carrying capacity of 5 million deadweight tonnes.

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