Legality of the Leveraged Lending Guidance is Questioned
Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation
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The firm is advising client General Maritime Corporation in connection with its Agreement and Plan of Merger and Amalgamation with Arlington Tankers Ltd., announced August 6, 2008. Pursuant to the Agreement, these two NYSE-listed companies will combine in a stock-for-stock combination. The combined company, which will be called General Maritime Corporation, is expected to have a market capitalization of approximately $1.1 billion and a combined enterprise value of approximately $2.0 billion. The transaction, which is subject to shareholder approval at both companies and customary closing conditions, is expected to close by the end of the fourth quarter of 2008. Thomas E. Molner, Terrence Shen, Randal D. Murdock, Adam S. Karasik, Alex S. Kaufman and Jacqueline M. Grant worked on the transaction. Barry Herzog and Melissa S. Blades provided tax advice, Avram J. Cahn provided benefits advice, and Kenneth Chin, Sally Cohen Swift and Gabrielle A. Paupek provided banking and finance advice. Abbe L. Dienstag and Rebecca Porath provided U.S. antitrust advice, and Marco Plankensteiner provided European competition advice out of the Kramer Levin's Paris office.