Genco Shipping files for bankruptcy protection in bid to cut debt by US$1.2B
by The Associated Press
New York-based drybulk shipping company says it has about US$1.3 billion in debt
NEW YORK—Drybulk shipper Genco Shipping & Trading Ltd. filed for Chapter 11 bankruptcy protection as it tries to reorganize its business and reduce debt.
The New York company says it has about US$1.3 billion in debt.
Earlier this month it struck a deal with some of its lenders intended to help reduce its leverage and restructure its liabilities.
The company has 53 vessels, making it one of the largest drybulk shippers in the world.
Most of its ships are chartered to third parties, and that means fluctuating rates can hurt its revenue.
Genco reported US$277.5-million in total revenue in 2013, down almost 50 per cent from 2010.
Drybulk ships carry cargo including iron ore, coal, grain, cement and fertilizer.
