Genco Shipping Files for Bankruptcy Protection

MarineLink.com
Monday, April 21, 2014
Image: Genco Shipping

Genco Shipping & Trading Ltd said it filed for prepackaged Chapter 11 bankruptcy protection after struggling with weak rates due to an oversupply of vessels.

The drybulk shipper said it expected its operations to continue normally and did not require debtor-in-possession finance.

Lenders backing a $1.06 billion credit facility would convert their debt into about 81.1 percent of company's stock, the company said earlier this month.

Genco said on Monday Baltic Trading Ltd, a company formed by Genco, and its units are not included in the restructuring program.

Genco listed total assets of about $2.46 billion and liabilities of $1.46 billion, as of Feb. 28, according to its bankruptcy petition.

The company joins a growing list of shipping companies that have been struggling as charter rates have been depressed by a glut of large new vessels. A U.S. energy boom has also hit some companies as oil shipments to the United States have dropped.

The case is In re: Genco Shipping & Trading Ltd, U.S. Bankruptcy Court, Southern District of New York, No: 14-11108.

(Reporting by Anannya Pramanick in Bangalore; Editing by Don Sebastian)

  • Image: Genco Shipping

    Image: Genco Shipping

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ClassNK Holds LNG Fuel Technologies Seminars

ClassNk held LNG-Fuelled Vessel Technologies seminars in Shanghai and Singapore on 22 July and 24, July 2014, respectively. With the industry looking to adopt

USCG Change of Command in Galveston

A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday.

Miller Rejoins TITAN as Salvage Master

Captain Stuart Miller has rejoined Crowley Maritime Corporation’s TITAN Salvage operations team as salvage master, bringing with him over 30 years of worldwide,

Finance

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

Gas Prices Help Offset Statoil's Output Drop

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

News

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

ClassNK Holds LNG Fuel Technologies Seminars

ClassNk held LNG-Fuelled Vessel Technologies seminars in Shanghai and Singapore on 22 July and 24, July 2014, respectively. With the industry looking to adopt

USCG Change of Command in Galveston

A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1618 sec (6 req/sec)