Apollo unveils Genco slice

Apollo Global Management owns just over 10% of Genco Shipping & Trading, the private equity powerhouse has revealed.

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The New York financial firm’s Apollo Management Holdings affiliate told the US Securities & Exchange Commission (SEC) that it owns 6.25m shares in the Peter Georgiopoulos-led bulker owner.

The company did not provide further details on the holding but sources indicate that it controlled about 10% of the New York-headquartered owner’s bank debt when it filed for Chapter 11 bankruptcy protection in April.

As TradeWinds has reported, Genco cemented its emergence from bankruptcy earlier this month, with Apollo participating in a committee of debt holders that chose four new members on the company’s board of directors.

Genco’s $1.2bn restructuring plan gave debt holders the vast majority of the equity in the company, which controls 53 bulkers in addition to a major stake in Baltic Trading.

Apollo is an active investor in the shipping industry, with major stakes in companies that include Norwegian Cruise Line and Connecticut products tanker owner Principal Maritime.