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

People & Company News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Finance

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Sonar
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: 0.4034 sec (2 req/sec)