Genco Files For Chapter 11, Will Be Delisted By NYSE

Genco Shipping & Trading Limited (NYSE:GNK) filed for Chapter 11 bankruptcy protection while it finds a way to deal with $1.3 billion in debt and restructures its business, the Associated Press reports. Genco had $277.5 million in revenues in 2013, roughly half of what it made in 2010. With 53 ships, Genco is one of the world’s largest drybulk shipping companies in the world, but it mostly rents its boats out to other businesses so changing rates can have a big impact on its revenues.

Genco to be delisted by the NYSE

Genco Shipping &...