Genco buys time as restructuring talks continue

The US-listed bulk vessel owner updated that it has entered into new agreements to extend the expiration of the forbearances and waivers from 1 April to 21 April.

“Also, the forbearances and waivers would terminate if a definitive agreement for our restructuring is not effective by 11:59 pm on 4 April 2014,” Genco warned. “The company does not intend to provide updates or details of the restructuring discussions.”

The latest update follows a filing on 31 March that revealed Genco had requested for waivers or forbearances with certain of the lenders for its 2007 credit facility and two term loan facilities worth a total of $353m.