The Canadian Press - ONLINE EDITION

Drybulk shipper Genco emerges from bankruptcy reorganization after reducing debt by $1.2B

  • Print

NEW YORK, N.Y. - Drybulk shipper Genco Shipping emerged from Chapter 11 bankruptcy reorganization.

The company says it reduced its debt by $1.2 billion while eliminating $192.8 million in amortization payments and $40 million in annual interest payments. Genco also says it got $100 million in new capital through a rights offering.

Genco Shipping & Trading Ltd. filed for bankruptcy protection in April, saying it had $1.3 billion in debt and needed to reduce debt and restructure its business.

Drybulk ships carry cargo including iron ore, coal, grain, cement and fertilizer. Genco has 53 vessels, making it one of the largest drybulk shippers in the world. Most of its ships are chartered to third parties, which means fluctuating rates can hurt its revenue: between 2010 and 2013 its total revenue fell almost 50 per cent.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Soca and Reggae Festival and Weekend Weather

View more like this

Photo Store Gallery

  • A Canada Goose cools off in a water pond Monday afternoon at Brookside Cemetary- See Bryksa’s Goose a day Challenge– Day 27-June 25, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • STDUP ‚Äì Beautiful West End  begins it's summer of bloom with boulevard s, front yards  and even back lane gardens ,  coming alive with flowers , daisies and poppies  dress up a backyard lane on Camden St near Wolseley Ave  KEN GIGLIOTTI  / WINNIPEG FREE PRESS  /  June 26 2012

View More Gallery Photos

Poll

Will you miss Grandma Elm?

View Results

View Related Story

Ads by Google