<SEC-DOCUMENT>0001140361-14-014833.txt : 20140331
<SEC-HEADER>0001140361-14-014833.hdr.sgml : 20140331
<ACCEPTANCE-DATETIME>20140331170657
ACCESSION NUMBER:		0001140361-14-014833
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140331
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20140331
DATE AS OF CHANGE:		20140331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33393
		FILM NUMBER:		14730977

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		(646) 443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
</SEC-HEADER>
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<DESCRIPTION>GENCO SHIPPING & TRADING LIMITED 8-K 3-31-2014
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 OR 15(d) of the</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160; March 31, 2014</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 24pt; FONT-WEIGHT: bold">GENCO SHIPPING &amp; TRADING LIMITED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Exact Name of Registrant as Specified in Charter)</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">see</font> General Instruction A.2. below):</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Entry into a Material Definitive Agreement.</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">As of the date of this report, Genco Shipping &amp; Trading Limited (the &#8220;Company&#8221;) continues to be in discussions with certain of our creditors to seek a consensual restructuring of our outstanding indebtedness.&#160; To allow such discussions to continue into April 2014 without the need to file for bankruptcy relief, on March 31, 2014, we entered into agreements with certain of the lenders under our 2007 Credit Facility, our $100 Million Term Loan Facility, and our $253 Million Term Loan Facility (our &#8220;Credit Facilities&#8221;) to obtain waivers or forbearances with respect to certain potential or actual events of default as of March 31, 2014 as follows (the &#8220;Relief Agreements&#8221;):</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">not making the scheduled amortization payment on March 31, 2014 under our 2007 Credit Facility;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">not meeting the consolidated interest ratio covenant for the period ended March 31, 2014;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">not meeting the maximum leverage ratio covenant for the period ending March 31, 2014;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">not meeting the collateral maintenance test under the 2007 Credit Facility;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">not meeting the minimum cash balance covenant under the 2007 Credit Facility;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">not furnishing audited financial statements to the lenders within 90 days after year end for the year ended December 31, 2013;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">a cross-default with respect to our outstanding interest rate swap with respect to the foregoing;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">cross-defaults among our credit facilities with respect to the foregoing; and</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">any related defaults or events of default resulting from the failure to give notice with respect to any of the foregoing.</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 35.8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 0.2pt; FONT-SIZE: 10pt">The Relief Agreement for our 2007 Credit Facility provides that the agent and consenting lenders will forbear to exercise their rights and remedies with respect to the foregoing potential or actual events of default through 11:59 p.m. on April 1, 2014, subject to earlier termination if a subsequent event of default other than those described above occurs under our credit agreements or if we breach the terms of the Relief Agreement.&#160; The Relief Agreements for our other two Credit Facilities provide that the agent and lenders waive the foregoing potential or actual events of default through 11:59 p.m. on April 1, 2014, subject to earlier termination if a subsequent event of default occurs other than those described above under our credit agreements or if we breach the terms of the Relief Agreements.&#160; Notwithstanding such waivers and forbearances, the fact that we did not make the scheduled amortization payment on March 31, 2014 constituted an event of default under our currently outstanding interest rate swap.&#160; In addition, under the indenture and supplemental indenture (the &#8220;Indenture&#8221;) governing our 5.0% Convertible Senior Notes on July 27, 2010 (the &#8220;Convertible Notes&#8221;), our failure to make such payment would</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">constitute an event of default under the Indenture if we fail to cure such default within 30 days after notice from the trustee under the Indenture.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 35.8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 0.2pt; FONT-SIZE: 10pt">There can be no assurance that our ongoing discussions with certain of our creditors will result in a consensual restructuring before we would be compelled to seek bankruptcy relief.&#160; &#160; The Company does not intend to provide updates or details of the restructuring discussions.&#160; Any agreement we may reach with our creditors regarding a restructuring may require implementation through one or more concurrent proceedings under Chapter 11 of Title 11 of the United States Bankruptcy Code.&#160; The risks described in Item 8.01 of our Current Form on 8-K filed with the U.S. Securities and Exchange Commission on February 19, 2014 with respect to our potential restructuring continue to apply.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management&#8217;s current expectations and observations. Included among the important factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are changes to the Company&#8217;s liquidity position, the results of discussions with the Company&#8217;s lenders and other creditors, and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports on Form 10-Q and Form 8-K.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping &amp; Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">GENCO SHIPPING &amp; TRADING LIMITED</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">DATE:&#160; March 31, 2014</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ John C. Wobensmith</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">John C. Wobensmith</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Chief Financial Officer and Secretary</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Principal Financial and Accounting Officer)</div>
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