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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
March 25, 2005
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GENERAL MARITIME CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
REPUBLIC OF THE MARSHALL ISLANDS
(STATE OR OTHER JURISDICTION OF INCORPORATION)
001-16531 06-159-7083
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
35 West 56th Street
New York, New York 10019
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(212) 763-5600
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not Applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry Into a Material Definitive Agreement
On March 25, 2005, we entered into the second amendment to our 2004 credit
facility, which second amendment is attached hereto as an exhibit.
Under our 2004 credit facility, as amended, we will be permitted to pay
dividends with respect to any fiscal quarter up to an amount equal to our EBITDA
for such fiscal quarter less fleet renewal reserves, which are established by
our board of directors, net interest expenses and cash taxes, in the event we
were to pay taxes, for such fiscal quarter. Such amount will be reduced to the
extent that the aggregate amount permitted to be paid for dividends for all
fiscal quarters since January 1, 2005 is a negative amount. However, we would
not be permitted to pay dividends if certain significant defaults as defined
under our 2004 credit facility were to occur.
Among other changes set forth in the second amendment to our 2004 credit
facility, the amendment also permits us to obtain letters of credit subject to
certain terms and conditions in an aggregate amount not to exceed the lesser of
$50 million and the available amount that may be borrowed under this credit
facility.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Description
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10.1 Second Amendment to the Credit Agreement dated March 25, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MARITIME CORPORATION
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(Registrant)
By: /s/ John C. Georgiopoulos
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Name: John C. Georgiopoulos
Title: Chief Administrative Officer
Date: March 29, 2005