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,
