US-listed bulker owner Genco Shipping &Trading has given creditors more time to sign up for a rights offering that forms partof its bankruptcy restructuring.
The Peter Georgiopoulos-led company, whichfiled for Chapter 11 reorganisation in April, said debt holders now have until18 June to apply, against 29 May previously.
The $100m share sale for an 8.7% stakein the new Genco gives lenders in its 2007 credit facility access to 80% of therights on offer, and notes holders will have access to the remainder.
Genco
