Morgan Stanley Reports Restructuring In Progress On General Maritime

In a report published by Morgan Stanley, General Maritime (NYSE: GMR) restructuring is in process.

Morgan Stanley said that, in a press release on March 16, GMR announced the delay of its 10-K filing as "it is engaged in ongoing discussions with prospective lenders and investors to seek additional liquidity through potential restructuring or refinancing of its existing credit and/or issuance of debt or equity”. GMR has also “established a committee comprised of independent directors to oversee these potential financing transactions as Peter C. Georgiopoulos, the Company's Chairman, may have an economic interest in the counterparty to such a financing transaction."

General Maritime closed yesterday at $2.31.