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Genco Shipping Cleared to Exit Bankruptcy

A U.S. bankruptcy judge said on Wednesday he will approve Genco Shipping & Trading Ltd's plan to exit its Chapter 11 bankruptcy after he overruled objections from shareholders. Judge Sean Lane of the U.S. Bankruptcy Court in Manhattan said he found that the company's value was not higher than Genco's $1.48 billion estimate. Shareholders objected to the plan because they said the company was worth more and they deserved a bigger payout.