It will exit Chapter 11 after the US Bankruptcy Court for the Southern District of New York backed its $1.2bn restructuring plan, the bulker owner says.
Confirmation of the success comes the day after TradeWinds revealed the company had trumped shareholders in a battle over the valuation of the company and its proposed reward to them.
John Wobensmith, chief financial officer of Genco, said: "We are pleased to have reached this important milestone.
