Under the agreement reached today, the Peter Georgiopoulos-led bulker owner will file a pre-packaged Chapter 11case with creditors agreeing to support the reorganisation plan in US Bankruptcy Court, according to a filing with the USSecurities & Exchange Commission.
The announcement endsmounting speculation about how New York-headquartered Genco would sort out amassive debt burden for which a dry-bulk market upturn was too late to deliver acure.
The
