The US bulker operator on Wednesday confirmed that it has emerged from Chapter 11 bankruptcy after putting the finishing touches on a financial overhaul.
“Through the financial restructuring process Genco substantially deleveraged its balance sheet on an expedited timeframe, preserving its ongoing business operations, enhancing the reorganized company’s financial flexibility and positioning it for long-term success,” it said.
Genco pointed out that it was able to reduce outstanding debt by approximately $1.2bn, cut annual interest obligations by over $40m and eliminated more than $192.8m worth of annual amortization payments. This followed an infusion to the tune of $100m.
“With a substantially deleveraged balance sheet and an infusion of new equity capital, we are well positioned for growth and success,” added CFO John Wobensmith. “I thank our customers, vendors and employees for their support throughout this process.
“As we move forward as a stronger company, we intend to continue meeting and exceeding the expectations of our chartering customers by providing the same high quality, reliable shipping services they’ve come to consistently expect from Genco.”
