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Genco Shipping & Trading Plan Effective

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Genco Shipping & Trading’s First Amended Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 2, 2014. John C. Wobensmith, Genco Shipping & Trading’s chief financial officer, comments, “With a substantially deleveraged balance sheet and an infusion of new equity capital, we are well positioned for growth and success. 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.” The Plan, which reduces the Company’s total debt by approximately $1.2 billion and eliminates $192.8 million in amortization payments and $40 million in annual interest payments, reflects the terms of a restructuring support agreement with certain of the lenders under its $1.1 billion secured credit facility, its $253 million secured credit facility and its $100 million secured credit facility, as well as certain holders of the Company’s 5.00% Convertible Senior Notes due August 15, 2015. This ocean transport provider filed for Chapter 11 protection on April 21, 2014, listing $3 billion in pre-petition assets.

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