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Conyers advises on GenMar restructuring and emergence from Chapter 11 bankruptcy proceedings – May 2012

Conyers Dill & Pearman advised General Maritime Corporation ("GenMar") on its restructuring with Nordea Bank Finland, plc, which reduced the shipping company’s outstanding debt by $600 million and its cash interest expense by approximately $4 million. Conyers also advised on GenMar's capital infusion of $175 million from Oaktree Capital Management, L.P.

The restructuring completed on 17 May 2012 and was linked to GenMar's successful emergence from Chapter 11 protection under the United States Bankruptcy Code.

Conyers acted as special Bermuda counsel to GenMar and its subsidiaries, in addition to the finance parties Nordea and Oaktree on the transaction. Marcello Ausenda and Victor Richards advised on matters of Bermuda corporate finance law relevant to the transaction. Working in tandem with Ausenda and Richards were Robin Mayor, the head of Conyers' insolvency and restructuring practice, and David Astwood, head of the firm's shipping practice.

White & Case LLP acted as US Counsel for Nordea, while Kramer Levin Naftalis & Frankel LLP acted as US Counsel for GenMar and Kirkland & Ellis, LLP acted as US counsel for Oaktree.

 


David W.J. Astwood
Director, Head of Bermuda Shipping Practice

BERMUDA   +1 441 299 4937


Marcello Ausenda
Director

BERMUDA   +1 441 299 4954


Victor Richards
Director

Bermuda   +1 441 299 4926


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Deals & Transactions

Conyers advises on GenMar restructuring and emergence from Chapter 11 bankruptcy proceedings – May 2012

Conyers Dill & Pearman advised General Maritime Corporation ("GenMar") on its restructuring with Nordea Bank Finland, plc, which reduced the shipping company’s outstanding debt by $600 million and its cash interest expense by approximately $4 million. Conyers also advised on GenMar's capital infusion of $175 million from Oaktree Capital Management, L.P.

The restructuring completed on 17 May 2012 and was linked to GenMar's successful emergence from Chapter 11 protection under the United States Bankruptcy Code.

Conyers acted as special Bermuda counsel to GenMar and its subsidiaries, in addition to the finance parties Nordea and Oaktree on the transaction. Marcello Ausenda and Victor Richards advised on matters of Bermuda corporate finance law relevant to the transaction. Working in tandem with Ausenda and Richards were Robin Mayor, the head of Conyers' insolvency and restructuring practice, and David Astwood, head of the firm's shipping practice.

White & Case LLP acted as US Counsel for Nordea, while Kramer Levin Naftalis & Frankel LLP acted as US Counsel for GenMar and Kirkland & Ellis, LLP acted as US counsel for Oaktree.

 


David W.J. Astwood
Director, Head of Bermuda Shipping Practice

BERMUDA   +1 441 299 4937


Marcello Ausenda
Director

BERMUDA   +1 441 299 4954


Victor Richards
Director

Bermuda   +1 441 299 4926


 

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