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Genco Shipping & Trading Ltd. has confirmed that it has completed its financial restructuring and has emerged from Chapter 11 of the U.S. Bankruptcy Code.

The shipping firm said that it had reduced its outstanding debt by approximately $1.2 billion, reduced its annual interest payment obligations by more than $40 million, and eliminated over $192.8 million annually in amortization payments. In addition, Genco received an infusion of $100 million in new equity capital through a fully backstopped rights offering.

"Through the financial restructuring process, Genco substantially deleveraged its balance sheet on an expedited timeframe, preserving its ongoing business operations, enhancing the reorganized Company's financial flexibility and positioning it for long-term success," the company said.

Commenting on the news, John C. Wobensmith, chief financial officer (CFO), said: "Today marks the successful completion of our financial restructuring and the start of a new chapter for Genco. With a substantially deleveraged balance sheet and an infusion of new equity capital, we are well positioned for growth and success. I thank our customers, vendors and employees for their support throughout this process."

Wobensmith added, "As we move forward as a stronger company, we intend to continue meeting and exceeding the expectations of our chartering customers by providing the same high quality, reliable shipping services they've come to consistently expect from Genco."

Genco's prepackaged plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on July 2, 2014. The plan reflects the terms of the previously disclosed Restructuring Support Agreement with certain of the lenders under its $1.1 billion secured credit facility entered into in 2007, its $253 million secured credit facility, and its $100 million secured credit facility, as well as certain holders of the Company's 5.00% Convertible Senior Notes due August 15, 2015.

Kramer Levin Naftalis & Frankel LLP is serving as legal advisor and Blackstone Advisory Partners LP is serving as financial advisor to the firm.

Genco is a transporter of iron ore, coal, grain, steel products and other drybulk cargoes. Excluding Baltic Trading Ltd's fleet, the company owns a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,810,000 dwt.

In addition, its subsidiary Baltic Trading Ltd currently owns a fleet of 13 drybulk vessels, consisting of four Capesize, four Supramax, and five Handysize vessels.

Image: Genco chairman Peter Georgiopoulos.