Monday, December 9, 2013

"Shipping Companies Enlist Restructuring Advisers After Creditors Sold Large Blocks of Debt" $GNK

From WSJ,

"Genco, another vessel owner with around $1.5 billion of debt, has enlisted restructuring lawyers at Kramer Levin Naftalis & Frankel LLP and interviewed restructuring bankers weeks ago, these people said. It faces an amortization period on its term loan in early 2014 and may not have enough cash to make the payment, they said.

Roughly three weeks ago, Norwegian bank DNB sold around $600 million of Genco debt, also close to 90 cents on the dollar, these people said. Centerbridge was one of several investment firms that purchased the debt, some of these people said."

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