GENER8 MARITIME,INC. (OTCBB:GMRRQ) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of
Assets.
Gener8 Theseus
On November28, 2016, Gener8 Theseus LLC, a wholly-owned
subsidiary of Gener8 Maritime,Inc. (the Company), took delivery
of the Gener8 Theseus, a 299,392 metric tons deadweight
2016-built VLCC newbuilding. The Company acquired this vessel to
a shipbuilding contract with Hyundai Heavy Industries Co.,Ltd.
(HHI) which was entered into by Navig8 Crude Tankers,Inc. (Navig8
Crude), which assigned its rights on delivery to Gener8 Theseus
LLC as Navig8 Crudes nominee. The Company acquired the contract
for the Gener8 Theseus along with thirteen additional
shipbuilding contracts for VLCC newbuildings in May2015 in
connection with the Companys acquisition of Navig8 Crude. Eight
of the fourteen shipbuilding contracts acquired from Navig8 Crude
were for VLCC newbuildings under construction with HHI, and the
Gener8 Theseus is the eleventh of these fourteen VLCC
newbuildings to be delivered.
Installment payments of $30.4 million were made to HHI under the
shipbuilding contract forGener8 Theseusby Navig8 Crude
prior to it being acquired by the Company in May2015. After its
acquisition of Navig8 Crude, the Company made $70.9 million of
additional installment payments to HHI under this shipbuilding
contract. There are no further remaining installment payments due
in respect of theGener8 Theseus. The funds used by the
Company for the installment payments in respect of theGener8
Theseusafter the Companys acquisition of Navig8 Crude in
May2015 included borrowings under its senior secured credit
facility agreement, dated as of August31, 2015, among Gener8
Maritime Subsidiary VIII Inc., as borrower; the Company, as the
parent guarantor; Gener8 Maritime Subsidiary V Inc., as the
borrowers direct sole shareholder; the borrowers wholly-owned
subsidiary owner guarantors party thereto; Citibank, N.A. and
Nordea Bank Finland Plc, New York Branch, as global
co-ordinators; Citibank, N.A. and Nordea Bank Finland Plc, New
York Branch, as bookrunners; Citibank, N.A., London Branch as ECA
co-ordinator and ECA agent; Nordea Bank Finland Plc, New York
Branch as commercial tranche co-ordinator; Nordea Bank Finland
Plc, New York Branch as facility agent; Nordea Bank Finland Plc,
New York Branch as security agent; The Export-Import Bank of
Korea; the mandated lead arrangers party thereto; the banks and
financial institutions named therein as original lenders; and the
banks and financial institutions named therein as hedge
counterparties.
Information regarding the Companys relationships with Navig8
Crude and its affiliates, directors and officers can be found
under the heading Related Party Transactions in Item
7 Managements Discussion and Analysis of Financial Condition and
Results of Operations of the Companys Annual Report on
Form10-K for the fiscal year ended December31, 2015, and in Note
14, RELATED PARTY TRANSACTIONS, to the condensed consolidated
financial statements in Item 1 of the Companys Quarterly Report
on Form10-Q for the quarterly period ended September30, 2016, and
which are incorporated by reference into this Item 2.01.
Item 9.01. Financial Statements and
Exhibits.
(d)Exhibits.
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99.1 |
Information regarding the Companys relationships with |
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This report contains forward-looking statements made to the
safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based
on managements current expectations and observations. Included
among the factors that, in the Companys view, could cause
actual results to differ materially from the forward-looking
statements contained in this report are the following: the
fulfillment of the closing conditions under, or the execution
of customary additional documentation for, the Companys
shipbuilding contracts; completion and funding of financing on
acceptable terms; delay in the construction of the Companys
newbuildings; and other factors listed from time to time in the
Companys filings with the Securities and Exchange Commission
(the SEC), including without limitation, the Companys Annual
Report on Form10-K for the fiscal year ended December31, 2015
and its subsequent reports on Form10-Q and Form8-K. Gener8
Maritime,Inc. does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
About GENER8 MARITIME, INC. (OTCBB:GMRRQ)
Gener8 Maritime, Inc., formerly General Maritime Corporation, is a provider of international seaborne crude oil transportation services. The Company operates through the segment, which includes the transportation of international seaborne crude oil and petroleum products with its fleet of vessels. The Company owns a fleet of over 45 tankers, including 31 vessels on the water consisting of 14 Very Large Crude Carriers (VLCCs), approximately 11 Suezmax vessels, over four Aframax vessels and approximately two Panamax vessels with an aggregate carrying capacity of approximately 6.6 million deadweight tons. The Company’s vessels are primarily available for charter on a spot voyage or time charter basis and for employment in commercial pools. Its fleet of vessels include Gener8 Zeus, Gener8 Neptune, Gener8 Ares, Gener8 Hera, Gener8 Harriet G, Gener8 Horn, Gener8 Daphne, Gener8 Elektra, Gener8 Companion, Gener8 Compatriot, Gener8 Spyridon, Gener8 Kara G, Gener8 Maniate and others. GENER8 MARITIME, INC. (OTCBB:GMRRQ) Recent Trading Information
GENER8 MARITIME, INC. (OTCBB:GMRRQ) closed its last trading session at 0.0042 with shares trading hands.
