Genco Wins Approval of Restructuring Plan After Value Ruling
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Genco Shipping & Trading Ltd., an operator of dry-bulk cargo ships, won approval of its restructuring plan from a judge who sided with the company in a valuation dispute with shareholders seeking bigger payouts.
Genco’s claimed value of $1.36 billion to $1.44 billion, the cornerstone of its plan to exit Chapter 11 protection and shed about $1.2 billion in debt, was approved today by U.S. Bankruptcy Judge Sean Lane in Manhattan. Lane signed an order authorizing Genco to implement the plan it reached with most creditors before filing for bankruptcy in April.