Genco Shipping Hits Ch. 11 With Plan To Cut $1.2B Debt

Law360, New York (April 21, 2014, 5:37 PM EDT) -- Dry-bulk cargo ship operator Genco Shipping & Trading Ltd. filed for Chapter 11 bankruptcy in New York federal court Monday, submitting a prepackaged restructuring plan it says will help trim its debt load by an estimated $1.2 billion.

The company, owned by New York shipping tycoon Peter Georgiopoulos, said it had already received approval from lenders and bondholders for the plan, which it expects to implement as quickly as possible. It listed assets of $2.45 billion and debt of $1.48 billion in its petition.

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