Och's Genco stake falls

US investor Daniel S Och has seen his holding in Genco Shipping & Trading reduced by a reorganisation of the bulker owner.

Och-Ziff Capital Management's holding in the shipowner has been reduced to a nominal 4,396 shares, giving it just 0.1% of the company.

It marks a fall from the last disclosed holding of 3,255,301 shares, or 7.32% of the bulker company, in April.

The revision comes after the investor saw shares cancelled in exchange for warrants as part of Genco's restructuring.

Distressed investment specialist Och-Ziff had been one of the investors resisting elements of Genco’s restructuring agreement, an effort which was overturned by the court.

Och-Ziff also has interests in ships controlled by Nautilus Holdings, which has just begun its own Chapter 11 reorganisation.

Genco exited Chapter 11 last week after a whistle stop tour through the US bankruptcy court.

Genco 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.

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