General Maritime faces the prospect of forced asset sales after reshuffling its finances to complete the purchase of seven tankers from Metrostar.
New York-listed Genmar is required to sell assets by the middle of December to cover repayment of the $22.8m facility with Nordea and DnB Nor, according to a filing with the US Securities and Exchange Commission (SEC).
It has also been forced to chop its dividend payments to just a penny under the terms of the bridge loan linked to a suezmax newbuilding.
Genmar said: “The company intends to review potential asset sales through the sale or sale-and-leaseback of its vessels and alternative refinancing transactions by that date or seek a waiver from the lenders.”
TradeWinds reported last week Genmar is already trying to offload its three oldest ships to help fund the new arrivals from Metrostar.
Market sources confirmed that the 149,800-dwt Genmar Gulf, 96,700-dwt Genmar Progress and 89,900-dwt Genmar Princess (all built 1991) are all available.
Genmar has also agreed with a Nordea-led consortium that the requirement to raise $52.4m in equity as part of the Metrostar deal can wait for a year.
The waiver is linked to a $372m loan handed to the owner back in the summer.
Genmar paid $620m in May to take five VLCCs and two suezmax newbuildings from the Metrostar fleet.
