Peter Georgiopoulos Unexpectedly Resigns as Chairman of Genco Shipping

NYSE-listed dry bulk shipowner Genco Shipping & Trading has announced the resignation of its Chairman of the Board, Peter C. Georgiopoulos, effective immediately. The company did not give a specific reason for his departure. “With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging … [Read more...]

Drybulk Shippers Genco and Baltic Trading Agree to Merge

Drybulk shipping company Genco Shipping & Trading Limited (OTCBB: GSKNF) and its subsidiary Baltic Trading Limited (NYSE: BALT) announced a definitive merger agreement under which Genco will acquire Baltic Trading, a deal that is expected to simplify ownership structure and better position the company for future growth. "This transaction is a natural evolution for Genco … [Read more...]

U.S. Judge Clears Way for Genco Shipping to Exit Bankruptcy

By Nick Brown NEW YORK, Del, July 2 (Reuters) - A U.S. bankruptcy judge said he will confirm Genco Shipping & Trading's plan to exit bankruptcy under the control of its senior creditors, rejecting arguments by shareholders that the proposal undervalues the dry bulk shipper's assets. At a hearing on Wednesday in U.S. Bankruptcy Court in Manhattan, Judge Sean Lane said he … [Read more...]

Genco Takes On Shareholders as Shipper Looks to Exit Bankruptcy

By Nick Brown NEW YORK, June 24 (Reuters) - Lawyers for bankrupt Genco Shipping & Trading Ltd on Tuesday insisted the dry bulk shipper is not being undervalued during the closing of a trial pitting the company against angry shareholders who wanted better treatment in the restructuring. The four-day trial in U.S. Bankruptcy Court in Manhattan posed the question of how … [Read more...]

Genco Pushes Restructuring Plan over Equity Holders’ Opposition

By Nick Brown NEW YORK, June 12 (Reuters) - Genco Shipping & Trading on Thursday defended its proposed plan to exit bankruptcy on the first day of a trial over accusations by shareholders that it is undervaluing its assets. At a hearing in federal bankruptcy court in Manhattan, a lawyer for Genco, a dry bulk shipper that filed for Chapter 11 in April, said the plan … [Read more...]