15 — DEFERRED FINANCING COSTS

Deferred financing costs include fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. Total net deferred financing costs consist of the following as of September 30, 2014 and December 31, 2013:

	Successor		Predecessor
	September 30, 2014		December 31, 2013

2007 Credit Facility	$	—	$	29,568
$100 Million Term Loan Facility	1,492		1,783
$253 Million Term Loan Facility	3,135		4,708
2010 Notes	—		3,637
2010 Baltic Trading Credit Facility	3,339		3,339
Baltic Trading $22 Million Term Loan Facility	529		518
Baltic Trading $44 Million Term Loan Facility	758		737
Total deferred financing costs	9,253		44,290
Less: accumulated amortization	2,562		22,279
Total	$	6,691	$	22,011

Amortization expense of deferred financing costs for the Successor Company for the period from July 9 to September 30, 2014 was $384. Amortization expense of deferred financing costs for the Predecessor Company for the period July 1 to July 9, 2014 and for the period from January 1 to July 9, 2014 was $170 and $4,461, respectively. Amortization expense of deferred financing costs for the Predecessor Company for the three and nine months ended September 30, 2013 was $3,171 and $6,862, respectively. This amortization expense is recorded as a component of Interest expense in the Condensed Consolidated Statements of Operations.

On the Effective Date, the Company eliminated the net unamortized deferred financing costs for the 2007 Credit Facility and the 2010 Notes and classified the changes as Restructuring items, net in the Condensed Consolidated Statements of Operation for the Predecessor Company as both the 2007 Credit Facility and 2010 Notes were terminated as part of the Plan. Additionally, the unamortized deferred financing costs for the $100 Million Term Loan Facility and the $253 Million Term Loan Facility prior their Restatements and Amendment pursuant to the Plan were eliminated and the Company classified the changes to Restructuring items, net in the Condensed Consolidated Statements of Operation for the Predecessor Company. Fees and legal expenses for securing the Amended and Restated $100 Million and $253 Million Term Loan Facilities have been capitalized as deferred financing costs and will be amortized over the extended term of the respective loans.