Thursday, February 20, 2014

"NY shipping big set to lose 2nd company after default" $GNK

Peter G!

Georgiopoulos, 52, whose long silver mane and supermodel wife Kara Young are not unknown to New York’s paparazzi, has to shell out about $11,000 a day to operate one of Genco’s tankers, but rental rates have dropped to about $10,000 a day, the company, a bulk shipper, said recently, putting Genco in a bind.

The tattered tycoon is discussing a debt-for-equity swap with Genco lender Centerbridge Partners, The Post has learned.

The private-equity firm would take control of the company in a pre-packaged bankruptcy but leave him in place to run the operation, sources said.

For Georgiopoulos, a West Village resident who in 2008 claimed he was worth $2 billion, it’s his second shipwreck in two years.

In 2012, Oaktree Capital Management reached a deal with Georgiopoulos to repossess General Maritime Corp. through a pre-packaged bankruptcy.

He was also left in charge of that company.


Anonymous said...

Told ya he'll still be around.

Anonymous said...

CBS already said that the lenders and Peter G are going to take back the company and that the stockholders are going to get stuffed.

eah said...

...the stockholders are going to get stuffed.

So what else is new?