Sterne Agee Comments On General Maritime Following 10-K Delay

Sterne Agee has published a research report on General Maritime Corporation (NYSE: GMR) after the company delays its 10-K in the midst of a restructuring.

In the report, Sterne Agee writes "GMR was scheduled to release its 4Q10 results yesterday and host a conference call this morning. Instead it filed a Form 12B-25 filing with the SEC, which is an extension of time to file its 10-K for 2010 because it is in the midst of ongoing discussions with prospective lenders and investors in its liquidity raising efforts. GMR expects to file its 10-K and host a call to discuss its 4Q results and liquidity efforts on or before March 31. GMR could not file its 10-K because it is seeking additional liquidity through potential restructurings or refinancings of its facilities and/or issuances of debt or equity, and is engaged in ongoing discussions with prospective lenders and investors."

Sterne Agee maintains its Neutral rating and $3.50 price target.

General Maritime closed yesterday at $2.50.