Brodsky builds Genco stake

A shareholder who fought against Genco Shipping & Trading’s restructuring plan has lifted its position in the company.

Aurelius Capital Management, led by Mark Brodsky, has declared a near 10% stake in the shipowner just a few days after it unsuccessfully attempted to quash the restructuring blueprint.

An SEC filing shows that Aurelius Capital now controls 4,400,491 Genco shares, giving it a 9.9% slice of the company.

This is the first time the investor has declared an interest of more than 5% in Genco. 

As TradeWinds has reported, Aurelius Capital, Och-Ziff Capital Management and Brown Rudnick had objected to Genco’s motion for a court order authorising assumption of the restructuring agreement, which will give 81% of the revamped company to holders of its senior debt.

But US bankruptcy judge Sean H Lane overruled those objections and authorised Genco to assume the restructuring plan.

Aurelius has been known as an aggressor in some recent dealings.

Last year in an article about investors in the Co-operative Bank, the Independent newspaper quoted one financier as describing Brodsky and his fund as “like the Terminator – [it] just keeps on coming”.