(Adds details, background)
April 21 Genco Shipping & Trading Ltd
said it filed for pre-packaged Chapter 11 bankruptcy protection
after struggling with weak rates due to an oversupply of
The drybulk shipper said it expected its operations to
continue normally and did not require debtor-in-possession
Lenders backing a $1.06 billion credit facility would
convert their debt into about 81.1 percent of company's stock,
the company said earlier this month.
Genco said on Monday Baltic Trading Ltd, a company
formed by Genco, and its units are not included in the
Genco listed total assets of about $2.46 billion and
liabilities of $1.46 billion, as of Feb. 28, according to its
The company joins a growing list of shipping companies that
have been struggling as charter rates have been depressed by a
glut of large new vessels. A U.S. energy boom has also hit some
companies as oil shipments to the United States have dropped.
The case is In re: Genco Shipping & Trading Ltd, U.S.
Bankruptcy Court, Southern District of New York, No: 14-11108.
(Reporting by Anannya Pramanick in Bangalore; Editing by Don