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


People & Company News

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Five Minutes with Paul Switzer

Five minutes with Paul Switzer - Manager, Shipbuilding & Offshore, Viega   For readers not familiar with Viega, please give a ‘birds eye’ view, putting the company

Finance

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

News

US Navy Ships Conduct Astern Replenishment-at-sea

“While replenishments-at-sea are routine, astern refueling is unique and requires precise navigation and coordination,” said Lt. Cmdr. Jason Ileto, fleet replenishment scheduler for Commander,

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Another Hurdle for The Ocean Alliance

Commissioner William P. Doyle of the U.S. Federal Maritime Commission today voted in favor of requesting additional information from The Ocean Alliance parties.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1112 sec (9 req/sec)