Private equity firm Centerbridge Partners began 2021 as owner of one in every four shares of New York-based dry bulk owner Genco Shipping & Trading.
Then the company announced an agreement with investment bank Jefferies to begin a gradual selldown of its position and that continues today with a major milestone passed.
Now, the Jeffrey Aronson-led investment house has disclosed that it has for the first time taken its holding below 5%, the minimum threshold for publicly reporting a stake in a company as a major holder.
