Private equity firm Centerbridge Partners, the largest shareholder in New York-listed Genco Shipping & Trading, has cut its stake as far as it can go without risking the loss of a seat on the board of directors.
A securities filing on Thursday shows that Jeffrey Aronson-led Centerbridge is down to 6.29m shares, or 15.02%, of the Manhattan-based bulker owner — a hair above the 15% it must maintain in order to keep two representatives on Genco's board.
