U.S. judge clears way for Genco Shipping to exit bankruptcy
NEW YORK, Del, July 2
NEW YORK, Del, July 2 (Reuters) - A U.S. bankruptcy judge said on Wednesday he will approve Genco Shipping & Trading Ltd's plan to exit its Chapter 11 bankruptcy after he overruled objections from shareholders.
Judge Sean Lane of the U.S. Bankruptcy Court in Manhattan said he found that the company's value was not higher than Genco's $1.48 billion estimate. Shareholders objected to the plan because they said the company was worth more and they deserved a bigger payout.
(Reporting by Nick Brown in New York; Writing by Tom Hals in Wilmington, Delaware; Editing by Marguerita Choy)
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- Russian-backed separatists enter southeast Ukraine town
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |