U.S. judge clears way for Genco Shipping to exit bankruptcy

NEW YORK, Del, July 2 Wed Jul 2, 2014 3:24pm EDT

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)