Euronav MI II (GNRT) 8-K Bankruptcy or Receivership

EXHIBIT 99.2

KRAMER LEVIN NAFTALIS & FRANKEL LLP

Kenneth H. Eckstein

Adam C. Rogoff

Douglas H. Mannal

Stephen D. Zide

1177 Avenue of the Americas

New York, New York 10036

Telephone: (212) 715-9100

Facsimile: (212) 715-8000

Counsel for the Debtors

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

	x
In re:	:	Chapter 11
	:
GENERAL MARITIME CORPORATION, et al.,	:	Case No. 11-15285 (MG)
	:
Debtors.	:	Jointly Administered
	x

CONSOLIDATED MONTHLY OPERATING REPORT

FOR THE PERIOD FEBRUARY 1, 2012 THROUGH FEBRUARY 29, 2012

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

	X
In re:	:	Chapter 11
GENERAL MARITIME COPORATION, et al.	:
	:	Case No. 11-15285
	:
Debtors	:	Joint Administration Proceeding
	X

Monthly Operating Report for the Period
From February 1, 2012 through February 29, 2012
Debtors' Address:	299 Park Avenue
	New York, NY 10171
Debtors' Attorneys:	Kramer Levin Naftalis & Frankel LP
	1177 Avenue of the Americas
	New York, NY 10036

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

/s/ Jeffrey D. Pribor	3/30/2012
Jeffrey D. Pribor	Date
EVP and Chief Financial Officer
General Maritime Corporation

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12
		Federal Tax I.D. #	66-0716485

REQUIRED DOCUMENTS	Form No.	Document Attached	Explanation Attached
Schedule of Cash Receipts and Disbursements	MOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliations)	MOR-1 (CON'T)	X
Copies of bank statements			X
Cash disbursements journals			X
Statement of Operations	MOR-2	X
Balance Sheet	MOR-3	X
Status of Post-petition Taxes	MOR-4	X
Copies of IRS Form 6123 or payment receipt			X
Copies of tax returns filed during reporting period			X
Summary of Unpaid Post-petition Debts	MOR-4	X
Listing of Aged Accounts Payable			X
Accounts Receivable Reconciliation and Aging	MOR-5	X
Taxes Reconciliation and Aging (See MOR 7)	MOR-5		X
Payments to Insiders and Professional	MOR-6	X
Post Petition Status of Secured Notes, Leases Payable	MOR-6	X
Debtor Questionnaire	MOR-7	X

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

NOTES TO MONTHLY OPERATING REPORT

The Monthly Operating Report includes activity from the following Debtors:
Debtor	Case Number
Arlington Tankers Ltd.	11-15289
Arlington Tankers, LLC	11-15335
Companion Ltd.	11-15331
Compatriot Ltd.	11-15332
Concept Ltd.	11-15339
Concord Ltd.	11-15337
Consul Ltd.	11-15333
Contest Ltd.	11-15338
General Maritime Corporation	11-15285
General Maritime Investments LLC	11-15290
General Maritime Management LLC	11-15293
General Maritime Subsidiary Corporation	11-15287
General Maritime Subsidiary II Corporation	11-15288
General Maritime Subsidiary NSF Corporation	11-15291
General Product Carriers Corporation	11-15336
GMR Administration Corporation	11-15292
GMR Agamemnon LLC	11-15294
GMR Ajax LLC	11-15295
GMR Alexandra LLC	11-15296
GMR Argus LLC	11-15297
GMR Atlas LLC	11-15322
GMR Chartering LLC	11-15286
GMR Concept LLC	11-15342
GMR Concord LLC	11-15340
GMR Constantine LLC	11-15298
GMR Contest LLC	11-15341
GMR Daphne LLC	11-15299
GMR Defiance LLC	11-15300
GMR Elektra LLC	11-15301
GMR George T LLC	11-15302
GMR GP LLC	11-15303
GMR Gulf LLC	11-15304
GMR Harriet G LLC	11-15305
GMR Hercules LLC	11-15323
GMR Hope LLC	11-15306
GMR Horn LLC	11-15307
GMR Kara G LLC	11-15308
GMR Limited LLC	11-15309
GMR Maniate LLC	11-15324
GMR Minotaur LLC	11-15310
GMR Orion LLC	11-15311
GMR Phoenix LLC	11-15312
GMR Poseidon LLC	11-15325
GMR Princess LLC	11-15313
GMR Progress LLC	11-15314
GMR Revenge LLC	11-15315
GMR Spartiate LLC	11-15326
GMR Spyridon LLC	11-15317
GMR St. Nikolas LLC	11-15316
GMR Star LLC	11-15318
GMR Strength LLC	11-15319
GMR Trader LLC	11-15320
GMR Trust LLC	11-15321
GMR Ulysses LLC	11-15327
GMR Zeus LLC	11-15328
Victory Ltd.	11-15330
Vision Ltd.	11-15329

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

							Receipts
					Intercompany		Excluding
Debtor	Case Number		Total Receipts		Receipts1		Intercompany
GMR Minotaur LLC		11-15310	$	1,906,361.59	$	547,421.78	$	1,358,939.81
GMR Constantine LLC		11-15298		132.00		132.00		-
GMR Ajax LLC		11-15295		553,058.66		158,326.04		394,732.62
GMR Agamemnon LLC		11-15294		1,088,734.45		364,755.45		723,979.00
GMR Alexandra LLC		11-15296		169,050.76		169,050.76		-
GMR Orion LLC		11-15311		2,635,190.22		2,226,166.35		409,023.87
GMR Gulf LLC		11-15304		939,435.26		65,200.00		874,235.26
GMR Phoenix LLC		11-15312		406,652.15		406,652.15		-
GMR Argus LLC		11-15297		1,761,028.55		1,761,028.55		-
GMR Spyridon LLC		11-15317		3,791,656.07		2,177,218.21		1,614,437.86
GMR Horn LLC		11-15307		4,996,536.51		305,524.08		4,691,012.43
GMR Hope LLC		11-15306		2,886,478.97		1,933,030.77		953,448.20
GMR Princess LLC		11-15313		120.00		120.00		-
GMR Progress LLC		11-15314		259,100.06		168.00		258,932.06
GMR Revenge LLC		11-15315		33,459.30		33,459.30		-
GMR Strength LLC		11-15319		222,718.67		222,718.67		-
GMR Defiance LLC		11-15300		2,487,758.25		912,892.45		1,574,865.80
GMR Harriet G LLC		11-15305		813,403.69		216,675.57		596,728.12
GMR Kara G LLC		11-15308		4,841,416.31		457,246.21		4,384,170.10
GMR George T LLC		11-15302		1,965,352.97		1,965,352.97		-
GMR St. Nikolas LLC		11-15316		3,897,857.73		2,141,710.61		1,756,147.12
GMR Daphne LLC		11-15299		2,284,708.65		1,297,109.23		987,599.42
GMR Elektra LLC		11-15301		2,367,908.67		2,367,908.67		-
GMR Contest LLC		11-15341		839,161.20		430,931.20		408,230.00
GMR Concept LLC		11-15342		839,618.03		433,618.03		406,000.00
GMR Concord LLC		11-15340		785,118.91		437,107.29		348,011.62
Consul Ltd.		11-15333		581,545.11		206,840.60		374,704.51
Victory Ltd.		11-15330		324,840.03		324,840.03		-
Vision Ltd.		11-15329		298,253.30		296,795.44		1,457.86
Compatriot Ltd.		11-15332		670,164.52		198,904.52		471,260.00
Companion Ltd.		11-15331		655,089.05		655,089.05		-
GMR Zeus LLC		11-15328		305,663.03		305,663.03		-
GMR Hercules LLC		11-15323		625,530.77		625,530.77		-
GMR Atlas LLC		11-15322		794,179.03		356,168.03		438,011.00
GMR Ulysses LLC		11-15327		437,050.03		437,050.03		-
GMR Poseidon LLC		11-15325		396,014.77		396,014.77		-
GMR Maniate LLC		11-15324		2,751,167.36		736,405.25		2,014,762.11
GMR Spartiate LLC		11-15326		1,430,887.49		1,430,887.49		-
GMR Administration Corporation		11-15292		-		0.00		-
Arlington Tankers Ltd.		11-15289		1,162,409.62		1,162,409.62		-
General Maritime Subsidiary Corporation		11-15287		40,080,128.88		30,064,856.70		10,015,272.18
General Maritime Management LLC		11-15293		283,903.76		283,903.76		-
General Maritime Subsidiary II Corporation		11-15288		1,089,038.50		1,089,038.50		-
General Maritime Corporation		11-15285		291,095.94		291,095.94		-
GMR Star LLC		11-15318		-		0.00		-
Total Cash Receipts			$	94,948,978.82	$	59,893,017.87	$	35,055,960.95

Notes

1 - Intercompany Receipts includes transfers from Debtor entities.  No transfers from non-Debtor entities are included in these amounts.

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

									Disbursements
			Total			Intercompany			Excluding
Debtor	Case Number		Disbursements			Disbursements1			Intercompany
GMR Minotaur LLC		11-15310	$	(1,906,363.78	)		(1,358,942.00	)	$	(547,421.78	)
GMR Constantine LLC		11-15298		(132.06	)		(0.06	)		(132.00	)
GMR Ajax LLC		11-15295		(553,063.69	)		(394,737.65	)		(158,326.04	)
GMR Agamemnon LLC		11-15294		(1,088,737.88	)		(723,982.43	)		(364,755.45	)
GMR Alexandra LLC		11-15296		(169,056.46	)		(5.70	)		(169,050.76	)
GMR Orion LLC		11-15311		(2,635,200.68	)		(409,034.33	)		(2,226,166.35	)
GMR Gulf LLC		11-15304		(939,435.37	)		(874,103.37	)		(65,332.00	)
GMR Phoenix LLC		11-15312		(406,661.16	)		(9.01	)		(406,652.15	)
GMR Argus LLC		11-15297		(1,761,031.25	)		(2.70	)		(1,761,028.55	)
GMR Spyridon LLC		11-15317		(3,791,667.57	)		(1,614,449.36	)		(2,177,218.21	)
GMR Horn LLC		11-15307		(4,996,540.87	)		(4,691,016.79	)		(305,524.08	)
GMR Hope LLC		11-15306		(2,886,484.11	)		(953,453.34	)		(1,933,030.77	)
GMR Princess LLC		11-15313		(120.08	)		(0.08	)		(120.00	)
GMR Progress LLC		11-15314		(259,108.54	)		(258,940.54	)		(168.00	)
GMR Revenge LLC		11-15315		(33,461.51	)		(2.21	)		(33,459.30	)
GMR Strength LLC		11-15319		(222,732.37	)		(13.70	)		(222,718.67	)
GMR Defiance LLC		11-15300		(2,487,766.86	)		(1,574,874.41	)		(912,892.45	)
GMR Harriet G LLC		11-15305		(813,407.81	)		(596,732.24	)		(216,675.57	)
GMR Kara G LLC		11-15308		(4,838,665.52	)		(4,384,173.31	)		(454,492.21	)
GMR George T LLC		11-15302		(1,965,363.54	)		(10.57	)		(1,965,352.97	)
GMR St. Nikolas LLC		11-15316		(3,897,866.93	)		(1,756,156.32	)		(2,141,710.61	)
GMR Daphne LLC		11-15299		(2,284,709.97	)		(987,431.42	)		(1,297,278.55	)
GMR Elektra LLC		11-15301		(2,367,917.57	)		(8.90	)		(2,367,908.67	)
GMR Contest LLC		11-15341		(839,161.20	)		(408,230.00	)		(430,931.20	)
GMR Concept LLC		11-15342		(839,618.03	)		(406,000.00	)		(433,618.03	)
GMR Concord LLC		11-15340		(785,118.91	)		(348,011.62	)		(437,107.29	)
Consul Ltd.		11-15333		(581,557.17	)		(374,716.57	)		(206,840.60	)
Victory Ltd.		11-15330		(324,840.29	)		(0.26	)		(324,840.03	)
Vision Ltd.		11-15329		(298,258.52	)		(1,463.08	)		(296,795.44	)
Compatriot Ltd.		11-15332		(670,174.70	)		(471,270.18	)		(198,904.52	)
Companion Ltd.		11-15331		(655,094.92	)		(5.87	)		(655,089.05	)
GMR Zeus LLC		11-15328		(305,663.64	)		(0.61	)		(305,663.03	)
GMR Hercules LLC		11-15323		(625,537.02	)		(6.25	)		(625,530.77	)
GMR Atlas LLC		11-15322		(794,187.34	)		(438,019.31	)		(356,168.03	)
GMR Ulysses LLC		11-15327		(437,056.90	)		(6.87	)		(437,050.03	)
GMR Poseidon LLC		11-15325		(396,025.32	)		(10.55	)		(396,014.77	)
GMR Maniate LLC		11-15324		(2,751,172.29	)		(2,014,767.04	)		(736,405.25	)
GMR Spartiate LLC		11-15326		(1,430,901.87	)		(14.38	)		(1,430,887.49	)
GMR Administration Corporation		11-15292		(0.24	)		(0.24	)		-
Arlington Tankers Ltd.		11-15289		(1,162,421.24	)		(1,162,241.62	)		(179.62	)
General Maritime Subsidiary Corporation		11-15287		(38,714,212.87	)		(33,690,165.10	)		(5,024,047.77	)
General Maritime Management LLC		11-15293		(283,904.90	)		(1.14	)		(283,903.76	)
General Maritime Subsidiary II Corporation		11-15288		(1,089,044.02	)		(5.52	)		(1,089,038.50	)
General Maritime Corporation		11-15285		(291,097.16	)		(1.22	)		(291,095.94	)
GMR Trader LLC		11-15320		-			-			-
GMR Star LLC		11-15318		-			-			-
GMR Trust LLC		11-15321		-			-			-
Contest Ltd.		11-15338		-			-			-
Concept Ltd.		11-15339		-			-			-
Concord Ltd.		11-15337		-			-			-
Arlington Tankers, LLC		11-15335		-			-			-
General Maritime Subsidiary NSF Corporation		11-15291		-			-			-
GMR Chartering LLC		11-15286		-			-			-
General Maritime Investments LLC		11-15290		-			-			-
General Product Carriers Corporation		11-15336		-			-			-
GMR GP LLC		11-15303		-			-			-
GMR Limited LLC		11-15309		-			-			-
Total Cash Disbursements			$	(93,580,544.13	)	$	(59,893,017.87	)	$	(33,687,526.26	)

Notes

1 - Intercompany Disbursements includes transfers to Debtor entities.  No transfers to non-Debtor entities are included in these amounts.

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

BANK RECONCILIATIONS 1,2

				Bank Acct. No.
Debtor	Case Number		Bank Account Description	(Last 4 Digits)		Bank Balance
GMR Minotaur LLC		11-15310	Operating		8801	$	0.00
GMR Constantine LLC		11-15298	Operating		9601		(0.00	)
GMR Ajax LLC		11-15295	Operating		8901		(95.75	)
GMR Agamemnon LLC		11-15294	Operating		7101		0.00
GMR Alexandra LLC		11-15296	Operating		4901		(0.00	)
GMR Orion LLC		11-15311	Operating		2001		0.00
GMR Gulf LLC		11-15304	Operating		2001		0.00
GMR Phoenix LLC		11-15312	Operating		2001		(0.00	)
GMR Argus LLC		11-15297	Operating		2001		0.00
GMR Spyridon LLC		11-15317	Operating		2001		-
GMR Horn LLC		11-15307	Operating		2001		0.00
GMR Hope LLC		11-15306	Operating		2001		(0.00	)
GMR Princess LLC		11-15313	Operating		2001		0.00
GMR Progress LLC		11-15314	Operating		2001		(0.00	)
GMR Revenge LLC		11-15315	Operating		2001		0.00
GMR Strength LLC		11-15319	Operating		2001		(0.00	)
GMR Defiance LLC		11-15300	Operating		2001		(0.00	)
GMR Harriet G LLC		11-15305	Operating		2001		(0.00	)
GMR Kara G LLC		11-15308	Operating		2001		0.00
GMR George T LLC		11-15302	Operating		3001		(0.00	)
GMR St. Nikolas LLC		11-15316	Operating		2001		0.00
GMR Daphne LLC		11-15299	Operating		2001		0.00
GMR Elektra LLC		11-15301	Operating		2001		0.00
Consul Ltd.		11-15333	Operating		2001		(0.00	)
Victory Ltd.		11-15330	Operating		2001		(0.00	)
Vision Ltd.		11-15329	Operating		2001		(0.00	)
Compatriot Ltd.		11-15332	Operating		2001		0.00
Companion Ltd.		11-15331	Operating		2001		0.00
GMR Zeus LLC		11-15328	Operating		2001		0.00
GMR Hercules LLC		11-15323	Operating		2001		-
GMR Atlas LLC		11-15322	Operating		2001		(0.00	)
GMR Ulysses LLC		11-15327	Operating		2001		0.00
GMR Poseidon LLC		11-15325	Operating		2001		0.00
GMR Maniate LLC		11-15324	Operating		2001		0.00
GMR Spartiate LLC		11-15326	Operating		2001		0.00
GMR Administration Corporation		11-15292	Operating		2001		-
Arlington Tankers Ltd.		11-15289	Operating		2001		(0.00	)
General Maritime Subsidiary Corporation		11-15287	Operating		3005		(21,668.16	)
General Maritime Subsidiary Corporation		11-15287	Operating		8193		29,553.58
General Maritime Subsidiary Corporation		11-15287	Operating		2102		69.10
General Maritime Subsidiary Corporation		11-15287	Operating		8001		541,617.51
General Maritime Subsidiary Corporation		11-15287	Operating		3015		15,814,034.89
General Maritime Subsidiary Corporation		11-15287	Operating		3101		236,732.20
General Maritime Management LLC		11-15293	Operating		2001		(0.00	)
General Maritime Subsidiary II Corporation		11-15288	Operating		2001		(0.00	)
General Maritime Corporation		11-15285	Operating		2001		0.00
						$	16,600,243.37

Notes

1 - The Debtors have not included copies of bank statements or cash disbursements journals due to the voluminous nature of such documents.

2 - The Debtors reconcile their bank accounts on a monthly basis.

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

STATEMENT OF OPERATIONS (Income Statement)

	Month ended February 29, 2012			November 17 through February 29, 2011
VOYAGE REVENUES:
Voyage revenues	$	27,913,312		$	86,487,095
OPERATING EXPENSES:
Voyage expenses		14,709,820			41,455,181
Direct vessel expenses		8,319,288			28,651,915
Bareboat lease expense		782,949			2,834,814
General and administrative		2,294,922			8,219,831
Depreciation and amortization		7,239,931			26,300,209
Loss / (Gain) on disposal of vessels and vessel equipment		94,748			(92,237	)
Total operating expenses		33,441,658			107,369,713
OPERATING LOSS		(5,528,346	)		(20,882,618	)
OTHER (EXPENSE) INCOME:
Interest expense, net		(4,743,303	)		(21,674,287	)
Other income (expense)		(16,056	)		2,058,413
Reorganization items, net		(3,711,739	)A		(77,029,718	)
Net other expense		(8,471,098	)		(96,645,592	)
Net loss	$	(13,999,444	)	$	(117,528,210	)

The accompanying notes are an integral part of the financial statements.

A Reorganization items, net consists of professional fees incurred.

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

BALANCE SHEET

	February 29,
	2012
ASSETS
CURRENT ASSETS:
Cash	$	16,600,243
Due from charterers, net		38,249,261
Prepaid expenses and other current assets		37,239,156
Total current assets		92,088,660
NONCURRENT ASSETS:
Vessels, net of accumulated depreciation		1,498,188,870
Other fixed assets, net		11,285,440
Deferred drydock costs, net		25,033,333
Deferred financing costs, net		34,270,729
Other assets		11,748,866
Total noncurrent assets		1,580,527,238
TOTAL ASSETS	$	1,672,615,898
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	43,631,026
Current portion of long-term debt		912,268,000
Deferred voyage revenue		57,500
Due to affiliated companies		4,083,229
Derivative liability		3,119,297
Total current liabilities		963,159,052
NONCURRENT LIABILITIES:
Other noncurrent liabilities		4,969,646
Derivative liability and Warrants		1,374,472
Liabilities subject to compromise		534,154,348	A
Total noncurrent liabilities		540,498,466
TOTAL LIABILITIES		1,503,657,518
SHAREHOLDERS' EQUITY		168,958,380
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,672,615,898

The accompanying notes are an integral part of the financial statements.

A Liabilities subject to compromise consist of the following:

Par value and accrued interest on Senior Notes	$	318,100,000
Par value and accrued interest on Oaktree Credit Facility	$	214,584,348
Pre-petition amounts due to suppliers, agents and brokers		1,470,000
	$	534,154,348

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

STATUS OF POST-PETITION TAXES 1,2

Federal	Beginning Tax		Amount Withheld and/or Accrued		Amount Paid		Date Paid	Check # or EFT	Ending Tax
Withholding	$	-	$	84,306.37	$	84,306.37			$	-
FICA-Employee		-		25,275.08		25,275.08				-
FICA-Employer		-		34,221.95		34,221.95				-
Unemployment		-		73.94		73.94				-
Income		-		-		-				-
Other:_____________		-		-		-				-
Total Federal Taxes		-		143,877.34		143,877.34				-
State and Local
Withholding		-		29,100.73		29,100.73				-
Sales		-		-		-				-
Excise		-		-		-				-
Unemployment		-		353.03		353.03				-
Real Property3		-		-		-				-
Personal Property		-		-		-				-
Other:_____________		-		-		-				-
Total State and Local		-		29,453.76		29,453.76				-
Total Taxes	$	-	$	173,331.10	$	173,331.10			$	-

Notes

1 - The Debtors have not included copies of Form 6123 and tax returns filed during this period due to the  voluminous nature of these reports

2 - The Debtors believe they are paying all undisputed taxes and preparing and filing all returns when due or obtaining extensions where necessary.

3 - The Debtors do not own any real property.  Real estate taxes paid by the Debtors are paid as part of an underlying lease obligation and the failure to pay such lease payments would not result in claims by the taxing authority against the Debtors.

SUMMARY OF UNPAID POST-PETITION DEBTS 1

			Number of Days Past Due
	Current			0-30		31-60		61-90	Over 91		Total
Accounts Payable	$	10,426,055.43	$	2,291,880.82	$	149,641.56	$	56,204.20	$	26,384.76	$	12,950,166.77
Wages Payable		-		-		-		-		-		-
Taxes Payable		-		-		-		-		-		-
Rent/Leases-Building		-		-		-		-		-		-
Rent/Leases-Equipment		-		-		-		-		-		-
Secured Debt/Adequate Protection Payments		-		-		-		-		-		-
Professional Fees		4,453,110.61		1,152,211.49		489,156.04		159,058.49		-		6,253,536.63
Amounts Due to Insiders		-		-		-		-		-		-
Other:______________												-
Other:______________												-
Total Post-petition Debts	$	14,879,166.04	$	3,444,092.31	$	638,797.60	$	215,262.69	$	26,384.76	$	19,203,703.40

Notes                                      

1 - The Debtors believe they are paying all undisputed post-petition obligations according to terms.  Aged amounts represent items subject to valid disputes, and certain items which have been paid subsequent to the end of the reporting period.

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING 1

Accounts Receivable Reconciliation	Amount
Total Accounts Receivable at the beginning of the reporting period	$	17,533,730.81
Plus:  Amounts billed during the period		23,292,371.45
Less:  Amounts collected during the period		(23,667,031.39	)
Total Accounts Receivable at the end of the reporting period	$	17,159,070.87

Accounts Receivable Aging	0-30 Days			31-60 Days		61-90 Days		91+ Days		Total
0 - 30 days old	$	10,747,523.39								$	10,747,523.39
31 - 60 days old		1,883,974.99									1,883,974.99
61 - 90 days old		247,667.77									247,667.77
91+ days old		4,279,904.72									4,279,904.72
Total Accounts Receivable		17,159,070.87			-		-		-		17,159,070.87
Less:  Bad Debts (Amount considered uncollectible)		(2,148,631.85	)								(2,148,631.85	)
Net Accounts Receivable1	$	15,010,439.02		$	-	$	-	$	-	$	15,010,439.02

Notes

1 - The Debtors have not included $23,238,821 of accrued accounts receivable that have not yet been invoiced to charterers.

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

PAYMENTS TO INSIDERS AND PROFESSIONALS

INSIDERS
NAME	TYPE OF PAYMENT	AMOUNT PAID		TOTAL PAID TO  DATE
John Tavlarios	Salary	$	50,000.00	$	187,500.00
John Tavlarios	Expense reimbursement		27,945.86		56,087.34
Jeffrey Pribor	Salary		34,615.38		129,807.68
Jeffrey Pribor	Expense reimbursement		1,594.81		5,619.41
John Georgiopoulos	Salary		26,923.08		100,961.55
John Georgiopoulos	Expense reimbursement		147.70		147.70
Peter Bell	Salary		26,923.08		100,961.55
Peter Bell	Expense reimbursement		6,539.10		7,077.12
Milton Gonzales	Salary		19,230.76		72,115.35
Milton Gonzales	Expense reimbursement		-		6,574.74
Brian Kerr	Salary		10,769.24		40,384.65
Brian Kerr	Bonus		-		7,000.00
TOTAL PAYMENTS TO INSIDERS		$	204,689.01	$	714,237.09

PROFESSIONALS
NAME	AMOUNT BILLED		AMOUNT PAID		TOTAL PAID TO  DATE		TOTAL BILLED TO DATE		TOTAL UNPAID
Kramer Levin Naftalis and Frankel LLP	$	1,715,199.54	$	-	$	718,733.90	$	4,549,791.06	$	3,831,057.16
Curtis, Mallet-Prevost, Colt & Molse LLP		70,120.03		-		21,617.20		316,095.64		294,478.44
Moelis & Co.		241,421.63		-		600,000.00		1,151,892.41		551,892.41
Deloitte Touche LLP		-		-		-		-		-
Deloitte Financial Advisory Services LP		65,287.83		-		-		65,287.83		65,287.83
GCG Inc.		245,647.12		113,846.49		207,373.69		469,516.97		262,143.28
White & Case LLP		551,288.99		325,641.71		521,543.24		1,072,832.23		551,288.99
Kirkland & Ellis LLP		-		-		1,403,617.70		1,403,617.70		-
Houlihan Lokey		151,739.38		153,114.15		461,412.07		613,151.45		151,739.38
Lazard Freres & Co. LLC		153,334.88		-		407,712.14		561,047.02		153,334.88
Jones Day		-		415,792.54		415,792.54		515,960.79		100,168.25
Lowenstein Sandler PC		-		-		-		93,555.30		93,555.30
Perella Weinberg Partners LP		251,014.00		100,420.00		100,420.00		251,014.00		150,594.00
Constantine Georgiopoulos*		-		-		-		-		-
Chalos, O’Connor & Duffy*		4,501.83		-		-		4,501.83		4,501.83
Katten Muchen Rosenman LLP*		-		-		-		-		-
Reeder & Simpson P.C.*		-		-		-		-		-
Wong Partnership*		-		-		-		3,654.19		3,654.19
Golsblat BLP*		-		-		-		2,824.00		2,824.00
Conyers Dill &  Pearman*		-		-		-		-		-
Seward & Kissel*		-		-		-		37,016.69		37,016.69
George E. Henries*		-		-		-		-		-
TOTAL PAYMENTS TO PROFESSIONALS			$	1,108,814.89	$	4,858,222.48	$	11,111,759.11	$	6,253,536.63

POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE

AND ADEQUATE PROTECTION PAYMENTS 1

NAME OF CREDITOR	SCHEDULED   MONTHLY PAYMENT DUE	AMOUNT PAID DURING MONTH
DIP Principal		$	-
DIP Interest			393,159.73
First Lien Secured Debt Principal			-
First Lien Secured Debt Interest			2,960,406.71
Swap Agreement Payments			-
Leases			-
Adequate Assurance Payments - Utilities			-
TOTAL PAYMENTS		$	3,353,566.44

Notes

1 - Interest payments include fees paid on undrawn portions of credit facilities.

In re	General Maritime Corporation, et al.	Case No.	11-15285
	Debtor	Reporting Period:	2/1/12 - 2/29/12

	DEBTOR QUESTIONNAIRE
	Must be completed each month.  If the answer to any of the questions is “Yes”, provide a detailed explanation of each item.  Attach additional sheets if necessary.	Yes	No
1	Have any assets been sold or transferred outside the normal course of business this reporting period?		x
2	Have any funds been disbursed from any account other than a debtor in possession account this reporting period?		x
3	Is the Debtor delinquent in the timely filing of any post-petition tax returns?		x
4	Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?		x
5	Is the Debtor delinquent in paying any insurance premium payment?		x
6	Have any payments been made on pre-petition liabilities this reporting period?	x
7	Are any post petition receivables (accounts, notes or loans) due from related parties?	x
8	Are any post petition payroll taxes past due?		x
9	Are any post petition State or Federal income taxes past due?		x
10	Are any post petition real estate taxes past due?		x
11	Are any other post petition taxes past due?		x
12	Have any pre-petition taxes been paid during this reporting period?		x
13	Are any amounts owed to post petition creditors delinquent?		x
14	Are any wage payments past due?		x
15	Have any post petition loans been  received by the Debtor from any party?	x
16	Is the Debtor delinquent in paying any U.S. Trustee fees?		x
17	Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?		x
18	Have the owners or shareholders received any compensation outside of the normal course of business?		x

Explanations
6	The Debtors have made payments on  account of pre-petition liabilities in accordance with Orders of the Bankruptcy Court specifically authorizing such payments.
7	The Debtors have approximately $17,600 in related party receivables from (a) Peter C. Georgiopoulos, Chairman of the Debtors' Board of Directors, (b) P C Georgiopoulos & Co. LLC, an investment management company controlled by Peter C. Georgiopoulos, (c) Aegean Marine Petroleum Network Inc., a company where Peter C. Georgiopoulos and John Tavlarios, Director, President and Chief Executive Officer of the Debtors, are directors and (d) Genco Shipping & Trading Limited, a company where Peter C. Georgiopoulos serves as Chairman on the Board of Directors, for amounts incurred on their behalf for rent and other expenses incurred in the ordinary course of business.  These amounts are reimbursed to the Debtors in the ordinary course of business.
15	The Debtors entered into a Debtor-in-Possession financing agreement during the reporting period.