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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First Subsea Achieves API 17L1 Certification for Bend Stiffener Connectors

Connector technology developer First Subsea has received APL 17LI certification for its bend stiffener connectors from the American Petroleum Institute, the company announced today.

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

Bestobell Bags Hat Trick Order in China

Bestobell Marine, part of the President Engineering Group, has received its third order in the past 12 months from Hudong Zhonghua shipyard in China. The deal

Finance

EC Okays Maritime Fisheries fund

European Commission has approved Malta’s Operational Program European Maritime Fisheries Fund (EMFF) for the 2014-2020 financial periods, announced Parliamentary

Irish Ferries Owner Revenues up 9.6%

Irish Continental Group, the company behind Irish Ferries, posted a 9.6pc increase in revenue last year (2014) in taking Euro 290.1 million.   ICG's ferry division

Are Megaships Game Changers?

Bragging rights for the world’s largest container ship have changed hands four times in as many months and keep on shifting again, says a report in the Bloomberg.

News

EC Okays Maritime Fisheries fund

European Commission has approved Malta’s Operational Program European Maritime Fisheries Fund (EMFF) for the 2014-2020 financial periods, announced Parliamentary

Houston Ship Channel Reopens After Ships Collide

The Houston Ship Channel has reopened after a collision between a container ship and a chemical tanker, according to a spokesman with the United States Coast Guard.

Martian Ocean Held More Water than the Arctic

The National Aeronautics and Space Administration say there was once more water on the planet Mars than in the Arctic Ocean on Earth.   In a new study in the journal Science,

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.2762 sec (4 req/sec)