General Information

Case No. 14-11108 (SHL)
Jointly Administered

U.S. Bankruptcy Court
Southern District of
New York

Honorable Sean H. Lane

Petition Date: April 21, 2014

Confirmation Date:
July 2, 2014

Effective Date: July 9, 2014

GENCO SUCCESSFULLY COMPLETES FINANCIAL RESTRUCTURING

Debt Reduced by Approximately $1.2 Billion; $100 Million in New Equity Capital Infusion

Company Emerges from Chapter 11 Well Positioned for Long-Term Success with Stronger Financial Foundation

New York - July 9, 2014 - Genco Shipping & Trading Limited ("Genco" or the "Company") today announced that it has successfully completed its financial restructuring and has emerged from Chapter 11 of the U.S. Bankruptcy Code. Through the financial restructuring process, Genco substantially deleveraged its balance sheet on an expedited timeframe, preserving its ongoing business operations, enhancing the reorganized Company’s financial flexibility and positioning it for long-term success. [Continue Reading]

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Important Dates

Effective Date
July 9, 2014
Confirmation Date
July 2, 2014
Governmental Bar Date
October 20, 2014 at 5:00 p.m.
(prevailing Eastern Time)

On April 21, 2014, Genco Shipping & Trading Limited and its subsidiaries (collectively, the “Debtors”), filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code (the “Chapter 11 Cases”). As part of the chapter 11 filing the Debtors also filed a pre-packaged chapter 11 Plan of Reorganization in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). These Chapter 11 Cases have been assigned to the Honorable Sean H. Lane, and are being jointly administered under the main case, Genco Shipping & Trading Limited, Case No. 14-11108 (SHL).

On April 16, 2014, the Debtors announced that they reached an agreement with certain of its senior lenders on the terms of a pre-arranged financial restructuring that is expected to strengthen the Company’s balance sheet and enhance its financial flexibility. In accordance with the bankruptcy proceeding they negotiated and received affirmative votes from all voting lenders to accept the Plan. The rights offering subscription deadline was June 18, 2014.

After a hearing on July 2, 2014, the Honorable Sean H. Lane issued a Memorandum Opinion and issued Findings of Fact, Conclusions of Law and Order (I) Approving the Debtors (A) Disclosure Statement dated April 16, 2014 Pursuant to Sections 1125 and 1126(B) of the Bankruptcy Code and (B) Solicitation of Votes and Solicitation Procedures and (II) Confirming the First Amended Pre-Packaged Plan of Reorganization of the Debtors Pursuant to Chapter 11 of the Bankruptcy Code. [ECF No. 322] (the “Confirmed Plan"). For a copy of the Confirmation Order, click here. On July 9, 2014, the Effective Date of the First Amended Prepack Plan occurred. For a copy of the Notice, click here.