Seeking Alpha

Report: Genco Shipping files for bankruptcy

Comments (4)
  • sraphael
    , contributor
    Comments (131) | Send Message
    Wow. DRYS should be on their fleet of ships like bees on honey. With Econcomou's ability to get money and the brighter outlook for shipping rates in general, this should be a "no brainer". With one fell swoop he could remove vessel supply and get some relatively modern vessels to add to his fleet. Worth watching.
    21 Apr 2014, 02:52 PM Reply Like
  • silvmich
    , contributor
    Comments (14) | Send Message
    Its a pre-pack. The vessels won't be sold. Reorganized company will continue.
    21 Apr 2014, 03:33 PM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (1434) | Send Message
    Drys ships is lucky they aren't bankrupt again themselves. They'll simply convert some of that debt into new GNK post bankruptcy stock.
    21 Apr 2014, 03:30 PM Reply Like
  • sraphael
    , contributor
    Comments (131) | Send Message
    I'm not so sure this is a done deal, although it appears that way. If I was a secured creditor, I'd be pushing to sell the assets and be done with the company, at least a company with the old management still in place. Even the US government was smart enough to rid GM of it's management and install new blood. Again, I think this can only be good for the other shippers. The company may still consider selling some assets on the open market to get some operating cash. Additionally, their fleet, I think, is relatively old as well. Anyway you look at it, I still think there will be less ships around with resulting pressure upward on shipping rates.
    21 Apr 2014, 08:24 PM Reply Like
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