A New York bankruptcy judge has rejected attempts by common equity holders in Genco Shipping & Trading to derail a restructuring plan that gives them little recovery in the reorganised company.
Shareholders Aurelius Capital Management, 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
