Genco Shipping & Trading has finally sealed $525m in new financing that is aimed at repositioning the New York bulker owner to outlast a gloomy market and take advantage of an eventual upturn.
The company said it closed on a $400m credit facility, which will refinance much of Genco's existing debt, and completed the sale of $125m in preferred shares.
The agreement also brings amendments to a $98m existing loan and a credit facility with ABN Amro.
'Significant
