Genmar – Prenegotiated Deal Filed, Prospects for Quick In and Out of Court Hoped

If you have to restructure and use Chapter XI, take a page from Genmar, where a pre-negotiated restructuring proposal has been filed. The effort would seem to have been put together with maximum chance for all parties from banks, to trade creditors and the bondholders to approve the deal and the company to go into and then come out of the court with speed giving it a better than fighting chance to be a successful commercial company – assuming a modest recovery in the tanker markets – again.

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