On February 19th Genco Shipping & Trading Limited (NYSE:GNK) disclosed in an SEC filing that it had received a short-term default waiver for failing to make a scheduled $3.1 million interest payment. It also disclosed the hiring of Blackstone as an advisor to an eventual capital restructuring. The company's financial woes have been well known to the industry. In fact, last May I had the opportunity to argue in a SA article that the first quarter of 2014 (if not earlier) would be crunch time for the dry cargo shipping company founded by Peter Georgiopoulos in 2005.
On Wall Street the company's stock has traded for quite a while as a chapter 11 candidate. Its market capitalization has...
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