FOR IMMEDIATE RELEASE

GENERAL MARITIME ANNOUNCES CONFIRMATION

OF PLAN OF REORGANIZATION

Financial Indebtedness to Be Reduced b A!!"o#i$atel %&'' Million( Oa)t"ee Mana*ed
Funds to P"o+ide %,-. Million in Ne/ Ca!ital

Co$!an E#!ects to E$e"*e 0"o$ C1a!te" ,, in Ma 2',2

NEW YORK May 3, 2012 General Maritime Corporation (the Company! (O"C ##$
GMRR%! to&ay anno'n(e& that the )*+* #an,r'pt(y Co'rt -or the +o'thern .i/tri(t o- Ne0 Yor,
(the #an,r'pt(y Co'rt! (on-irme& the /e(on& amen&e& 1oint plan o- reor2ani3ation (the 4lan!
o- the Company an& it/ &ire(t an& in&ire(t /'5/i&iarie/ that are &e5tor/ 'n&er Chapter 11 o- the
#an,r'pt(y Co&e (the .e5tor/!* General Maritime ('rrently e6pe(t/ to emer2e -rom Chapter
11 in May 2012 a-ter the (on&ition/ to e--e(ti7ene// o- the 4lan are /ati/-ie&*

"he 4lan re-le(t/ the term/ o- a 2lo5al /ettlement amon2 the Company8/ main (re&itor
(on/tit'en(ie/ that, amon2 other thin2/, pro7i&e/ -or a meanin2-'l re(o7ery to the 'n/e('re&
(re&itor/ o- the .e5tor/ an& re/ol7e/ all &i/p'te/ on plan9relate& i//'e/ 5et0een an& amon2 the
.e5tor/, -'n&/ mana2e& 5y Oa,tree Capital Mana2ement, :*4* an& their in7e/tment entitie/ (the
Oa,tree ;'n&/!, the O--i(ial Committee o- )n/e('re& Cre&itor/ (the Cre&itor/8 Committee!,
the Company8/ /enior /e('re& len&er/, an& hol&er/ o- more than <=> o- the Company8/ +enior
Note/* ?ll 7otin2 (la//e/ o- (re&itor/ 7ote& in -a7or o- the 4lan, 0ith the .e5tor/8 /enior /e('re&
len&er/ 7otin2 'nanimo'/ly in -a7or o- the 4lan an& appro6imately @=> in amo'nt an& A@> in
n'm5er o- 2eneral 'n/e('re& (re&itor/ 7otin2 in -a7or o- the 4lan*

"he 4lan 0ill /'5/tantially &ele7era2e the .e5tor/8 5alan(e /heet an& po/ition the .e5tor/ to 5e a
-inan(ially /tron2er 2lo5al enterpri/e po/t9emer2en(e* "hro'2h the 4lan, (i! the .e5tor/8
-inan(ial &e5t 0ill 5e re&'(e& 5y appro6imately BA00 million, (ii! the .e5tor/8 (a/h intere/t
e6pen/e 0ill 5e re&'(e& 5y appro6imately BC2 million ann'ally, an& (iii! the .e5tor/ 0ill re(ei7e
a ne0 eD'ity (apital in-'/ion o- appro6imately B1=< million -rom the Oa,tree ;'n&/*

Ee--rey .* 4ri5or, General Maritime8/ Chie- ;inan(ial O--i(er, /ai&, "he (on-irmation o- o'r
4lan repre/ent/ a ma1or mile/tone an& i/ one o- the la/t remainin2 /tep/ in o'r re/tr'(t'rin2* We
are pro'& o- 0hat 0e ha7e a((ompli/he& an& 5elie7e that, thro'2h thi/ pro(e//, 0e 0ill e/ta5li/h
a -o'n&ation to emer2e a/ a /tron2er an& more (ompetiti7e (ompany* F 0o'l& li,e to than, o'r
('/tomer/ an& 7en&or/ -or their /'pport thro'2ho't thi/ pro(e// a/ 0ell a/ o'r employee/ -or their
on2oin2 to (ommitment to General Maritime*

)n&er the 4lan, hol&er/ o- 'n/e('re& (laim/ a2ain/t the Company an& it/ .e5tor /'5/i&iarie/ that
2'arantee the Company8/ o5li2ation/ 'n&er it/ /e('re& (re&it -a(ilitie/ (the G'arantor .e5tor/!


0ill /hare in BA million in (a/h, 0arrant/ e6er(i/a5le -or 'p to three per(ent o- the eD'ity in the
reor2ani3e& Company, an& t0o per(ent o- the eD'ity in the reor2ani3e& Company* "he 4lan
pro7i&e/ that the .e5tor/8 prepetition /enior len&er/ 0ill re(ei7e a B=< million pay&o0n o- their
e6i/tin2 prepetition o5li2ation/ an& pro7i&e e6it -inan(in2 to the .e5tor/* ;'n&/ mana2e& 5y
Oa,tree Capital Mana2ement 0ill re(ei7e @G> o- the eD'ity in the reor2ani3e& Company -or the
B1=< million eD'ity (apital in-'/ion an& the (on7er/ion o- B1=< million o- /e('re& (laim/ a2ain/t
the Company* "he (ommon /to(, o- the Company 0ill 5e e6tin2'i/he& 'n&er the 4lan an&
hol&er/ o- the Company8/ (ommon /to(, 0ill not re(ei7e a &i/tri5'tion 'n&er the 4lan*

?&&itional in-ormation a5o't General Maritime8/ -inan(ial re/tr'(t'rin2 i/ a7aila5le 7ia the
Company8/ Re/tr'(t'rin2 Fn-ormation Hotline at (GGG! C3<93302 in North ?meri(a or at
(A1C! <<3912C3 internationally* General Maritime8/ )*+* Claim/ ?2ent al/o maintain/ a 0e5/ite
(ontainin2 #an,r'pt(y Co'rt &o('ment/ an& other 'p&ate/ at 000*GMRRe/tr'(t'rin2*(om*

Kramer :e7in Na-tali/ I ;ran,el ::4 i/ /er7in2 a/ the Company8/ le2al a&7i/or, an& Moeli/ I
Company i/ /er7in2 a/ the Company8/ -inan(ial a&7i/or*

About Gene"al Ma"iti$e Co"!o"ation

General Maritime Corporation i/ a lea&in2 (r'&e an& pro&'(t/ tan,er (ompany operatin2
prin(ipally 0ithin the ?tlanti( 5a/in, 0hi(h in(l'&e/ port/ in the Cari55ean, +o'th an& Central
?meri(a, the )nite& +tate/, We/t ?-ri(a, the Me&iterranean, E'rope, an& the North +ea* General
Maritime al/o ('rrently operate/ tan,er/ in other re2ion/ in(l'&in2 the #la(, +ea an& ;ar Ea/t*
General Maritime o0n/ a -'lly &o'5le9h'll -leet o- 30 tan,er/ /e7en J:CC, ei2ht ?-rama6,
t0el7e +'e3ma6, t0o 4anama6, an& one pro&'(t tan,er 0ith a total (arryin2 (apa(ity o-
appro6imately <*2 million &0t* "he Company al/o ha/ three pro&'(t tan,er/ that are (hartere&9in
0ith option/ to p'r(ha/e the 7e//el/* "he Company (ontrol/ tonna2e totalin2 <*3 million &0t,
in(l'&in2 the o0ne& -leet an& the (hartere&9in -leet*

3Sa0e 4a"bo"3 State$ent Unde" t1e P"i+ate Secu"ities Liti*ation Re0o"$ Act o0 ,55.

"hi/ pre// relea/e (ontain/ -or0ar&9loo,in2 /tatement/ ma&e p'r/'ant to the /a-e har5or
pro7i/ion/ o- the 4ri7ate +e('ritie/ :iti2ation Re-orm ?(t o- 1@@<* "he/e -or0ar&9loo,in2
/tatement/ are 5a/e& on mana2ementK/ ('rrent e6pe(tation/ an& o5/er7ation/* Fn(l'&e& amon2
the -a(tor/ that, in the Company8/ 7ie0, (o'l& (a'/e a(t'al re/'lt/ to &i--er materially -rom the
-or0ar&9loo,in2 /tatement/ (ontaine& in thi/ pre// relea/e are the -ollo0in2$ the /ati/-a(tion o-
the (on&ition/ to the (on/'mmation o- the 4lan, a/ &e/(ri5e& in the 4lan an& the .i/(lo/'re
+tatementL the /ati/-a(tion o- the (on&ition/ 'n&er the eD'ity p'r(ha/e a2reement, p'r/'ant to
0hi(h Oa,tree9mana2e& -'n&/ ha7e a2ree& to p't ne0 (apital into the CompanyL any appeal/ o-
the #an,r'pt(y Co'rt or&er (on-irmin2 the Mo&i-ie& 4lan in the Chapter 11 (a/e/L 0hether the
Company i/ a5le to 2enerate /'--i(ient (a/h -lo0/ to meet it/ liD'i&ity nee&/, /er7i(e it/
in&e5te&ne// an& -inan(e the on2oin2 o5li2ation/ o- it/ 5'/ine// a/ (ontemplate& 5y the 4lan,
in(l'&in2 the e6tent to 0hi(h the CompanyK/ operatin2 re/'lt/ may (ontin'e to 5e a--e(te& 5y
0ea,ne// in mar,et (on&ition/ an& (harter rate/L the potential a&7er/e e--e(t/ o- the Chapter 11
pro(ee&in2/ on the Company8/ operation/ that may (ontin'e -ollo0in2 (on/'mmation, in(l'&in2
the Company8/ a5ility to maintain (ontra(t/ that are (riti(al to it/ operation, to o5tain an&
maintain a((epta5le term/ 0ith it/ 7en&or/, ('/tomer/ an& /er7i(e pro7i&er/ an& to retain ,ey
e6e('ti7e/, mana2er/ an& employee/L an& other -a(tor/ li/te& -rom time to time in the CompanyK/
-ilin2/ 0ith the +e('ritie/ an& E6(han2e Commi//ion*