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.”
