Genco Shipping & Trading, faced with an encroaching creditor-imposed deadline to raise $125m in new equity, tapped its three largest shareholders for the entire amount through a preferred share issuance.
Genco needed to raise the new equity as a condition for closing of a $400m loan agreed to back in June to refinance Genco’s existing debt.
The equity raise came after Genco received four extensions from its lending syndicated on the deadline for raising the new equity.
