Independent journal on economy and transport policy
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the shipowning society Genco resorts to Capitolo 11 of the American bankrupt norm
Agreement with the creditors. A credit line will be converted in the property of 81.1% of the new company
April 4, 2014
The shipowning society Genco Shipping & Trading Ltd., that it is quoted to the Stock exchange of New York and is specialized in the branch of the bulk sand banks, has agreed with the majority of its creditors an agreement of restructure of the company that previews the resource to the administration controlled in the within of Capitolo 11 of the American bankrupt norm.
Yesterday, in a communication to US Securities and Commission Exchange, Genco has specified that the agreement among other things includes the conversion of a credit line of 2007, for a amount of 1,38 billion dollars, in the property of 81.1% of the share capital of the new restructured Genco let alone the refinancing of two credit lines of 253 million and 100 million dollars.
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The shipowning society Genco Shipping & Trading Ltd., that it is quoted to the Stock exchange of New York and is specialized in the branch of the bulk sand banks, has agreed with the majority of its creditors an agreement of restructure of the company that previews the resource to the administration controlled in the within of Capitolo 11 of the American bankrupt norm.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
