Genco Shipping Files for Bankruptcy Protection
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.
Baltic Trading Ltd. Announces Q1 2012 Financial Results
Baltic Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Baltic Trading Limited's current fleet consists of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 dwt. The following financial review discusses the results for the three months ended March 31, 2012 and March 31, 2011. • Reached agreement to extend the Baltic Bear with Swissmarine Services S.A. • Cash position of $5.2 million as of March 31, 2012. The Company recorded a net loss for the first quarter of 2012 of $4.5 million, or $0.20 basic and diluted loss per share.
