General Maritime: Past Example of Loan-to-Own a Shipping Company

This is from 2012:

"Tanker operator General Maritime Corp, which emerged from bankruptcy seven months after going under, does not expect to go public again until at least 2014 as the company is yet to come out of the woods, its chief financial officer said.

Private equity firm Oaktree Capital Management invested about $175 million as part of General Maritime's restructuring.

Oaktree had lent General Maritime a $200 million loan in May last year prior to the company's Chapter 11 filing. That loan was converted into equity once General Maritime emerged from bankruptcy. Oaktree now owns about 98 percent of General Maritime's stock."