AmericasDry CargoFinance and Insurance

Genco misses three loan payments

Genco Shipping and Trading is in trouble again. The New York-listed dry bulk firm, which exited bankruptcy two years ago, has revealed it is negotiating with lenders after it recently fell out of compliance on three loan agreements totalling around $500m. Lenders of the facilities agreed to waive the violation through to the end of this month.

Genco president John Wobensmith said in a statement that Genco faces “a challenging market period,” adding that executives “continue to look at a range of alternatives to strengthen Genco’s financial position.”

Tags

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button
Close
Close