Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds / Transportation

Genco Shipping & Trading Plan, Supplement Filed

Genco Shipping & Trading filed with the U.S. Bankruptcy Court a First Amended Prepackaged Plan of Reorganization. A related Disclosure Statement was not filed. According to the Plan, “The provisions of the Plan shall, upon consummation, constitute a good faith compromise and settlement, pursuant to Bankruptcy Rule 9019 and section 1123 of the Bankruptcy Code, among the Debtors, the Backstop Parties, the Supporting 2007 Facility Lenders, the Supporting $253 Million Facility Lenders, the Supporting $100 Million Facility Lenders, and the Supporting Noteholders of numerous disputes arising from or related to (i) the Prepetition 2007 Facility Claims, (ii) the Prepetition $253 Million Facility Claims and the Prepetition $100 Million Facility Claims, (iii) the total enterprise value of the Debtors’ estates and the Reorganized Debtors for allocation purposes under the Plan, (iv) the Convertible Note Claims, and (v) the treatment and distribution to holders of Equity Interests. In the event that, for any reason, the Confirmation Order is not entered or the Effective Date does not occur, the Debtors, the Backstop Parties, the Prepetition 2007 Facility Lenders, the Prepetition $253 Million Facility Lenders, the Prepetition $100 Million Facility Lenders, and the Convertible Noteholders reserve all of their respective rights with respect to any and all disputes resolved and settled under the Plan.” The Company also filed with the Court a Revised Supplement for thisPlan. The Supplement contains the following documents: Exhibit 2: amended and restated $253 million credit agreement, Exhibit 2A: redline of the amended and restated $253 million credit agreement,Exhibit 3: amended and restated $100 million credit agreement, Exhibit 3A: redline of the amended and restated $100 million credit agreement, Exhibit 4: new Genco charter, Exhibit 4A: redline of the new Genco charter, Exhibit 5: new Genco by-laws, Exhibit 5A: redline of the new Genco by-laws and Exhibit 8: identity of the officers and members of the new board of reorganized Genco.

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