Peter Georgiopoulos led Genco Shipping & Trading has done a deal with its banks to waive provisions of its $1.4bn revolving credit facility and other locan facilities.
Both the maximum leverage ratio and interest coverage ratio have been waived for a period beginning in October this year and running through to the end of March 2013.
A new covenant requires that Genco will not permit its interest bearing consolidated indebtedness to exceed 62.5%
