Genco Shipping & Trading’s sourcing of a required $125m equity injection from its three largest shareholders might easily spur the conclusion that it had no other options in a climate where “rescue capital” is virtually non-existent for dry bulk owners.
Although this would be an understandable conclusion, it is not necessarily accurate, sources close to the talks tell TradeWinds.
Even in the latter stages of a process that saw four deadline extensions from lenders that granted a $400m refinancing package, Genco had three other equity offers on the negotiating table, the sources say.
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