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Genco Reaches Bankruptcy Restructuring Deal

Genco Shipping & Trading Ltd. will cut its debt by more than $1 billion by giving control of the company to its lenders in a deal that requires the dry bulk shipping company to file for bankruptcy. Lenders backing a $1.06 billion credit facility would convert their debt into about 81.1 percent of company's stock, according to a regulatory filing from Thursday. Investors who hold $125 million of Genco convertible debt would receive 8.4 percent of the company.