Genco Shipping To File for Ch. 11 In Deal With Lenders

Law360, New York (April 4, 2014, 2:39 PM EDT) -- Genco Shipping & Trading Ltd. announced Thursday that it will file for Chapter 11 bankruptcy protection this month as part of a debt-for-equity deal with lenders who will support the company’s restructuring plan once it is filed in court.

In a Form 8-K filed with the Securities and Exchange Commission, the company owned by New York shipping tycoon Peter C. Georgiopoulos said it had entered into a restructuring support agreement with bondholders and three groups of lenders that will help it move through bankruptcy protection as...
To view the full article, register now.