<SEC-DOCUMENT>0001140361-14-017156.txt : 20140421
<SEC-HEADER>0001140361-14-017156.hdr.sgml : 20140421
<ACCEPTANCE-DATETIME>20140421145510
ACCESSION NUMBER:		0001140361-14-017156
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140421
ITEM INFORMATION:		Bankruptcy or Receivership
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140421
DATE AS OF CHANGE:		20140421

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:		14773689

	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 LTD 8-K 4-21-2014
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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>

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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>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160; April 21, 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>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">299 Park Avenue</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Registrant&#8217;s telephone number, including area code:&#160; (646) 443-8550</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 36pt; 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">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</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">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<a name="page_de5569_1_2"><!--Anchor--></a></td>
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<td style="WIDTH: 45pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 1.03.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Bankruptcy or Receivership.</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On April 21, 2014, Genco Shipping &amp; Trading Limited (the &#8220;Company&#8221;) and its subsidiaries other than Baltic Trading Limited and its subsidiaries (collectively, the &#8220;Debtors&#8221;) filed voluntary petitions for relief (the &#8220;Chapter 11 Cases&#8221;) under Chapter 11 of the United States Bankruptcy Code (the &#8220;Bankruptcy Code&#8221;) in the United States Bankruptcy Court for the Southern District of New York (the &#8220;Bankruptcy Court&#8221;). The Debtors plan to continue to operate their businesses in the ordinary course as &#8220;debtors-in-possession&#8221; under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.&#160; Through the Chapter 11 Cases, the Debtors seek to implement a Prepackaged Plan of Reorganization of the Debtors Pursuant to Chapter 11 of the Bankruptcy Code (the &#8220;Prepack Plan&#8221;) for which the Company solicited votes from certain classes of its creditors prior to commencement of the Chapter 11 Cases.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On April 21, 2014, the Company issued a press release relating to the foregoing, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference except for the third paragraph of the press release, which contains quoted remarks.</div>

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<td style="WIDTH: 45pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 2.02.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Results of Operations and Financial Condition.</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt">The Company disclosed that, as of February 28, 2014, Debtors had consolidated assets totaling approximately $2,448 billion and consolidated liabilities totaling approximately $1,475 billion.&#160; The consolidated assets amount reflects the &#8220;book value&#8221; of the Company&#8217;s vessels, which is calculated as the cost of purchase less accumulated depreciation over a 25-year useful life prepared in accordance with GAAP.&#160;&#160; However, &#8220;book value&#8221; is significantly higher than the market value of the vessels.&#160; For the twelve months ending February 28, 2014, the Debtors&#8217; consolidated net voyage revenue was approximately $188.5 million.&#160; Net voyage revenues are voyage revenues minus voyage expenses (generally consisting of broker commissions and port, canal and fuel costs unique to a particular voyage, which would otherwise be paid by a charterer under a time charter).&#160;&#160; The foregoing financial information is preliminary and unaudited and excludes Baltic Trading and its subsidiaries.&#160;</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">Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The filing of the Chapter 11 Cases described in Item 1.03 above on April 21, 2014 constituted an event of default with respect to each of the following agreements or instruments:</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">the Credit Agreement, dated as of July 20, 2007 (as amended to date), by and among the Company as borrower, the banks and other financial institutions named therein as lenders, Wilmington Trust, N.A., as successor administrative and collateral agent, and the other parties thereto, relating to approximately $1,055.6 million of principal plus accrued and unpaid interest, fees, costs, and other expenses (the &#8220;2007 Credit Agreement&#8221;);</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">the Loan Agreement, dated as of August 20, 2010 (as amended to date), by and among the Company as borrower, Genco Aquitane Limited and the other subsidiaries of the Company </td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">named therein as guarantors, the banks and financial institutions named therein as lenders, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE, Deutsche Bank AG Filiale Deutschlandgeschaft, Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE, Deutsche Bank AG, Skandinaviska Enskilda Banken AB (publ) as swap providers, and Deutsche Bank Luxembourg S.A. as agent for the lenders and the assignee, relating to approximately $175.7 million of principal and accrued and unpaid interest, fees, costs, and other expenses;</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">the Loan Agreement, dated as of August 12, 2010 (as amended to date), by and among the Company as borrower, Genco Ocean Limited and the other subsidiaries of the Company named therein as guarantors, the banks and financial institutions named therein as lenders, and Credit Agricole Corporate and Investment Bank as agent and security trustee, relating to approximately $73.6 million of principal plus accrued and unpaid interest, fees, costs, and other expenses;</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">the Indenture and First Supplemental Indenture relating to&#160; $125 million of principal plus accrued and unpaid interest outstanding of the Company&#8217;s 5.00% Convertible Senior Notes due August 15, 2015 (the &#8220;Indenture&#8221;);</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">the&#160;outstanding interest rate swap with DnB NOR Bank, relating to a liability position of approximately $6.7 million as of March 31, 2014.</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">As a result of the filing of the Chapter 11 Cases, all indebtedness outstanding under the 2007 Credit Agreement and the Indenture was accelerated and became due and payable, and indebtedness under the other agreements and instruments described above can be accelerated and become due and payable upon notice to the Company, subject to an automatic stay of any action to collect, assert, or recover a claim against the Company or the other Debtors and the application of the applicable provisions of the Bankruptcy Code.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On April 21, 2014, the Company received notice from the New York Stock Exchange, Inc. (the &#8220;NYSE&#8221;) that the NYSE had determined that the Company&#8217;s common stock should be immediately suspended from trading on the NYSE.&#160; The NYSE indicated that this decision was reached as a result of the filing by the Company and the other Debtors of the Chapter 11 Cases under the Bankruptcy Code in the Bankruptcy Court pursuant to Listed Company Manual Section 802.01D.&#160;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company intends to inform the NYSE that it does not intend to take any further action to appeal the NYSE&#8217;s decision. Therefore, it is expected that the Company&#8217;s common stock will be delisted after the completion of the NYSE&#8217;s application to the Securities and Exchange Commission to delist the Company&#8217;s common stock.&#160; The Company believes that its common stock will commence trading on the over-the-counter market following suspension of trading on the NYSE.&#160; </div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Under the Management Agreement dated as of March 15, 2010 by and between the Company and its subsidiary, Baltic Trading Limited (&#8220;Baltic Trading&#8221;), as amended to date (the &#8220;Management Agreement&#8221;) Baltic Trading has the right to terminate the Management Agreement without making a termination payment, among other things, if the Company&#8217;s common stock ceases to be traded on the NYSE or any other internationally recognized stock exchange.&#160; As a result of the actions of which the NYSE has given the Company notice, Baltic Trading may therefore have the right so to terminate the Management Agreement, subject to applicable law.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013, seeking bankruptcy relief may affect our relationships with, and our ability to negotiate favorable terms with, creditors, customers, charterers, vendors, employees, and other personnel and counterparties, and the failure to maintain any of these important relationships could adversely affect our business, financial condition and results of operations.&#160; Certain sub-charterers and other customers of some of our charterers have recently expressed reluctance to utilize our vessels given the perceived negative consequences of a bankruptcy filing.&#160; &#160; As a result, some of our charterers may hesitate to continue doing business with us on historical terms</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">or at all when our current charters expire.&#160;&#160; The Company believes that the Chapter 11 Cases and the expedited confirmation of the Prepack Plan (if so confirmed) will allow the Company to restructure its indebtedness while maintaining its operations in the ordinary course.&#160; However, the Company can provide no assurance that the Prepack Plan will be confirmed on the timetable currently contemplated or at all or that the Company will be successful in allaying the concerns described above.</div>

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<div><u style="FONT-WEIGHT: bold">&#8220;Safe Harbor&#8221; Statement Under the Private Securities Litigation Reform Act of 1995</u></div>

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<div style="TEXT-INDENT: 54pt">This Form 8-K 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 and include factors that could cause actual results to differ materially such as: &#160;whether a trading market for the Company&#8217;s common stock will exist on the over the counter market; whether Baltic Trading Limited will seek to terminate the Management Agreement; the factors set forth in Exhibit 99.1 hereto; and other factors listed from time to time in the Company&#8217;s filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports on Form 8-K.</div>

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<div style="TEXT-INDENT: 54pt; FONT-WEIGHT: bold">&#160;Nothing in this Current Report on Form 8-K shall constitute a solicitation of any holders of any of our indebtedness or our securities with respect to the matters contemplated in the Prepack Plan or an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities of the Company.</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">Financial Statements and Exhibits</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The following exhibits are filed herewith:</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">/s/ John C. Wobensmith</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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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><a href="ex99_1.htm">99.1</a></div>
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<div style="FONT-WEIGHT: bold">EXHIBIT 99.1</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">GENCO SHIPPING &amp; TRADING MOVES FORWARD WITH PREVIOUSLY ANNOUNCED RESTRUCTURING SUPPORT AGREEMENT</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Files Prepackaged Plan of Reorganization</font>&#160;<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">with Strong Support of Lenders and Noteholders; Expects to Reduce Total Debt by Approximately $1.2&#160; Billion</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company Expects to Complete Prepackaged Financial Restructuring on an Accelerated Basis</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">New York &#8211; April&#160; 21, 2014&#8211; </font>Genco Shipping &amp; Trading Limited (NYSE: GNK) (&#8220;Genco&#8221; or the &#8220;Company&#8221;) today announced that &#8211; consistent with its previously disclosed Restructuring Support Agreement with certain of the lenders under its $1.1 billion secured credit facility entered into in 2007 (the &#8220;2007 Facility Lenders&#8221;), its $253 million secured credit facility (the &#8220;$253 Million Facility Lenders&#8221;), and its $100 million secured credit facility (the &#8220;$100 Million Facility Lenders&#8221;), as well as certain holders of the Company&#8217;s 5.00% Convertible Senior Notes due August 15, 2015 (&#8220;the Noteholders&#8221;) &#8211; it and certain of its subsidiaries have filed voluntary Chapter 11 petitions to implement a prepackaged financial restructuring that is expected to reduce the Company&#8217;s total debt by approximately $1.2 billion and enhance its financial flexibility.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Importantly, all operating entities are expected to continue normal operations during the pendency of the financial restructuring.&#160; Baltic Trading and its direct and indirect subsidiaries are not included in the court-supervised restructuring.&#160; Baltic Trading is a separate public company from Genco, with an independent Board of Directors and separate financing.&#160; Baltic Trading is expected to continue operating in the normal course.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#8220;Today, with the strong support of our lenders and noteholders, we are moving forward with our previously announced restructuring plan,&#8221; said </font>John C. Wobensmith, Chief Financial Officer.<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160; &#8220;We believe the financial restructuring will provide an expedited path to </font>significantly strengthen Genco&#8217;s balance sheet and improve the Company&#8217;s financial flexibility.&#160; Our operations are strong, and once our restructuring is completed, we believe we will be well-positioned for continued growth and success<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.&#160; </font>We continue to leverage our efficient cost structure and opportunistic time charter approach to manage through the drybulk shipping cycle.&#160; We look forward to continuing to provide our chartering customers the same high quality, reliable shipping services they&#8217;ve come to consistently expect from Genco.&#8221;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">As previously disclosed, the terms of the restructuring include, among other things:</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">The 2007 Facility Lenders will convert all of their prepetition senior secured debt into 81.1% of the equity of the reorganized company;</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">The entirety of the Company&#8217;s obligations under the $253 million and $100 million facilities will be replaced by new senior facilities with extended maturity dates through August 2019 and certain other covenant modifications;</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">The Company&#8217;s obligations under the Convertible Senior Notes will be converted into 8.4% of the equity of the reorganized company;</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">The reinstatement of all other general unsecured claims, which will be paid in the ordinary course of business;</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">The cancellation of all equity interests in the Company, with such equity interests receiving seven year warrants for 6.0% of the New Genco Equity struck at a $1.295 billion equity valuation (the &#8220;New Genco Warrants&#8221;) from the consideration that would otherwise be provided to the holders</td>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt">of Prepetition 2007 Facility Claims and Convertible Note Claims (each as defined in the Prepack Plan) in exchange for the cancellation or surrender of such equity interests; and</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">Genco will conduct a $100 million rights offering for 8.7% of the pro forma equity of the reorganized company. The 2007 Facility Lenders will have the right to participate in up to 80% of the rights offering, which portion will be backstopped by certain of the 2007 Facility Lenders, and eligible holders of Convertible Notes will have the right to participate in up to 20% of the rights offering, which portion will be backstopped by certain of the Convertible Noteholders.</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">To implement the terms of the restructuring, Genco and 57 of its direct and indirect subsidiaries&#160;expect to file&#160;a prepackaged plan of reorganization today (the &#8220;Prepack Plan&#8221;) and related disclosure statement, each of which will contain details of the financial restructuring.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Plan has the support of 100% of the 2007 Facility Lenders, 100% of the $253 Million Facility Lenders and the $100 Million Facility Lenders, and over 83% of the Noteholders.&#160; The Company expects to implement and emerge from the court-supervised process on an accelerated basis.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Genco expects that cash on hand, cash from operating activities, and cash expected to be made available under a cash collateral order will be sufficient to fund its projected cash needs during its financial restructuring, and therefore does not intend to seek debtor-in-possession (DIP) financing.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">In conjunction with today&#8217;s filings, the Company also expects to file a variety of customary motions to continue to support its employees, customers and vendors during the financial restructuring process.&#160; The Company expects to file motions seeking permission to continue to pay trade creditor and foreign vendor balances incurred before and after the filing in full and in the normal course.&#160; The Company expects to receive court approval for these requests.&#160; During the restructuring process, </font>the Company anticipates operating as usual, meeting all its obligations, and expects to implement the restructuring and emerge from the court-supervised process expeditiously.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Genco has established a Restructuring Information Hotline for interested parties, at (888) 213-9318.&#160; In addition, a website has been set up by Genco&#8217;s Claims Agent, which contains Court documents and other updates, at www.GencoRestructuring.com.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Kramer Levin Naftalis &amp; Frankel LLP is serving as legal advisor and Blackstone Advisory Partners LP is serving as financial advisor to the Company.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About 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">Genco Shipping &amp; Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading Limited's fleet, we own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,810,000 dwt.&#160; In addition, our subsidiary Baltic Trading Limited currently owns a fleet of 13 drybulk vessels, consisting of four Capesize, four Supramax, and five Handysize vessels. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited.</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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">This press release 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</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">management&#8217;s current expectations and observations and include factors that could cause actual results to differ materially such as: the Company&#8217;s ability to borrow under the credit facilities; the Company&#8217;s ability to timely and effectively implement and execute its plans to restructure its capital structure; the Company&#8217;s ability to arrange and consummate financing or sale transactions or to access capital; the extent to which the Company&#8217;s operating results continue to be affected by weakness in market conditions and charter rates; whether the Company is able to generate sufficient cash flows to meet its liquidity needs, service its indebtedness and finance the ongoing obligations of its business; the Company&#8217;s ability to continue as a going concern; the Company&#8217;s ability to obtain Court approval with respect to motions in the Chapter 11 cases; the Company&#8217;s ability to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 cases; the effects of the Court&#8217;s rulings in the Chapter 11 cases and the outcome of the cases in general; the length of time the Company will operate under the Chapter 11 cases; the pursuit by the Company&#8217;s various creditors, equity holders and other constituents of their interests in the Chapter 11 cases; risks associated with third party motions in the Chapter 11 cases, which may interfere with the ability to develop and consummate one or more plans of reorganization once such plans are developed; the potential adverse effects of the Chapter 11 proceedings on liquidity or results of operations; the effects of changes in the Company&#8217;s credit ratings; the occurrence of any event, change or other circumstance that could give rise to the termination of the restructuring agreement or the equity commitment letter; increased administrative and restructuring costs related to the Chapter 11 cases; the Company&#8217;s ability to meet current operating needs, including the Company&#8217;s ability to maintain contracts that are critical to its operation, to obtain and maintain acceptable terms with its vendors, customers and service providers and to retain key executives, managers and employees and other factors listed from time to time in the Company&#8217;s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent filings on Form 10-Q and Form 8-K.&#160;</div>

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<p style="TEXT-INDENT: 1in; MARGIN-BOTTOM: 12pt; FONT-WEIGHT: bold" class="MsoNormal">Nothing in this press release shall constitute a solicitation of any holders of any of our indebtedness or our securities with respect to the matters contemplated in the Prepack Plan or an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities of the Company.</p>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contact</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Andy Brimmer / Andrew Siegel / Aaron Palash</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Joele Frank, Wilkinson Brimmer Katcher</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(212) 355-4449</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

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