Genco Equity Holders Blast Bankruptcy Plan

Law360, New York (June 6, 2014, 3:55 PM EDT) -- Genco Shipping & Trading Ltd.’s equity holders on Friday launched another attempt to derail the company’s bankruptcy proceeding, challenging the prepackaged plan that they say lowballs the value of Genco’s assets for the purpose of hanging equity holders out to dry.

The official committee of equity security holders, which has challenged nearly every significant development in the case so far, argues in court papers that Genco’s plan can’t be confirmed because it relies on a “manipulated” valuation of the company’s assets and is unfair to the...
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