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v2.4.1.9

GENERAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2014
General information |
Schedule of effects of the Plan and fresh-start reporting |
|  | Fresh-Start Adjustments |
|  | Predecessor July 9, 2014 |  | Debt Discharge and Equity Issuance (a) |  | Reinstatement of Liabilities (b) |  | Revaluation of Assets and Liabilities (c) |  | Successor July 9, 2014 |
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 48,551 |  | $ | 87,526 |  | $ | — |  | $ | — |  | $ | 136,077 |
Restricted cash |  | 9,975 |  | — |  | — |  | — |  | 9,975 |
Due from charterers, net |  | 13,194 |  | — |  | — |  | — |  | 13,194 |
Prepaid expenses and other current assets |  | 30,800 |  | — |  | — |  | (41 | ) | 30,759 |
Time charters acquired |  | — |  | — |  | — |  | 450 |  | 450 |
Total current assets |  | 102,520 |  | 87,526 |  | — |  | 409 |  | 190,455 |
Noncurrent assets: |  |  |  |  |  |  |  |  |  |  |
Vessels, net |  | 2,604,731 |  | — |  | — |  | (1,065,882 | ) | 1,538,849 |
Deposits on vessels |  | 28,658 |  | — |  | — |  | 2,317 |  | 30,975 |
Deferred drydock, net |  | 16,584 |  | — |  | — |  | (16,396 | ) | 188 |
Deferred financing costs, net |  | 18,953 |  | (11,893 | ) | — |  | — |  | 7,060 |
Fixed assets, net |  | 4,053 |  | — |  | — |  | (3,443 | ) | 610 |
Other noncurrent assets |  | 514 |  | — |  | — |  | — |  | 514 |
Restricted cash |  | 300 |  | — |  | — |  | — |  | 300 |
Investments |  | 51,804 |  | — |  | — |  | — |  | 51,804 |
Goodwill |  | — |  | — |  | — |  | 166,067 |  | 166,067 |
Total noncurrent assets |  | 2,725,597 |  | (11,893 | ) | — |  | (917,337 | ) | 1,796,367 |
Total assets |  | $ | 2,828,117 |  | $ | 75,633 |  | $ | — |  | $ | (916,928 | ) | $ | 1,986,822 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities not subject to compromise: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 60,333 |  | $ | (1,086 | ) | $ | 6,478 |  | $ | — |  | $ | 65,725 |
Current portion of long-term debt |  | 4,250 |  | — |  | 27,992 |  | — |  | 32,242 |
Deferred revenue |  | 997 |  | — |  | — |  | — |  | 997 |
Time charters acquired |  | 16 |  | — |  | — |  | (16 | ) | — |
Total current liabilities not subject to compromise |  | 65,596 |  | (1,086 | ) | 34,470 |  | (16 | ) | 98,964 |
Noncurrent liabilities not subject to compromise: |  |  |  |  |  |  |  |  |  |  |
Long-term lease obligations |  | 2,670 |  | — |  | — |  | (2,670 | ) | — |
Long-term debt |  | 161,500 |  | — |  | 214,289 |  | — |  | 375,789 |
Total noncurrent liabilities not subject to compromises |  | 164,170 |  | — |  | 214,289 |  | (2,670 | ) | 375,789 |
Total liabilities subject to compromise |  | 1,443,446 |  | (1,194,687 | ) | (248,759 | ) | — |  | — |
Total liabilities |  | 1,673,212 |  | (1,195,773 | ) | — |  | (2,686 | ) | 474,753 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Genco Shipping & Trading Limited shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Predecessor Common stock |  | 445 |  | (445 | ) | — |  | — |  | — |
Predecessor Additional paid-in capital |  | 849,130 |  | (849,130 | ) | — |  | — |  | — |
Successor Common stock |  | — |  | 603 |  | — |  | — |  | 603 |
Successor Additional paid-in capital |  | — |  | 1,232,397 |  | — |  | — |  | 1,232,397 |
Accumulated other comprehensive income |  | 30,357 |  | 4,574 |  | — |  | (34,931 | ) | — |
Retained (deficit) earnings |  | (57,463 | ) | 936,774 |  | — |  | (879,311 | ) | — |
Total Genco Shipping & Trading Limited shareholders’ equity |  | 822,469 |  | 1,324,773 |  | — |  | (914,242 | ) | 1,233,000 |
Noncontrolling interest |  | 332,436 |  | (53,367 | ) | — |  | — |  | 279,069 |
Total equity |  | 1,154,905 |  | 1,271,406 |  | — |  | (914,242 | ) | 1,512,069 |
Total liabilities and equity |  | $ | 2,828,117 |  | $ | 75,633 |  | $ | — |  | $ | (916,928 | ) | $ | 1,986,822 |
(a)Debt Discharge and Equity Issuance — This column reflects the following adjustments pursuant to the Plan:
| · |  | The discharge of the outstanding debt under the 2007 Credit Facility of $1,055,912.
| · |  | The discharge of the long-term interest payable due pursuant to the 2007 Credit Facility of $13,199.
| · |  | The discharge of the 2010 Notes liability of $117,473 and the bond coupon interest of $1,105.
| · |  | Receipt of the $100,000 rights offering pursuant to the Plan.
| · |  | The payment of interest expense accrued up until the Effective Date of $1,772, $59 and $156 for the 2007 Credit Facility, the $100 Million Term Loan Facility and the $253 Million Term Loan Facility, respectively.
| · |  | The paydown on the Effective Date of $1,923 and $5,075 for the $100 Million Term Loan Facility and $253 Million Term Loan Facility, respectively, which were due on the Effective Date as they were not paid during the pendency of the Chapter 11 Cases.
| · |  | The adjustment of net unamortized deferred financing fees of $15,383 for the 2007 Credit Facility, the 2010 Notes as well as the $100 Million and $253 Million Term Loan Facilities prior to the amendments and restatements as per the Plan.
| · |  | The payment of deferred financing fees of $3,490 for the Amended and Restated $100 Million and $253 Million Term Loan Facilities.
| · |  | Adjustment of equity of $1,271,406 to adjust for the cancellation of the old equity of the Predecessor Company and the issuance of the new equity for the Successor Company.
(b)Reinstatement of Liabilities — This column reflects the reinstatement of the remaining Liabilities subject to compromise for the Predecessor Company which were not already adjusted in the Debt Discharge and Equity Issuance column. It includes the following adjustments:
| · |  | The reclassification of the debt outstanding under the Amended and Restated $100 Million Term Loan Facility. This includes $7,692 of current long-term debt and $63,946 of long-term debt.
| · |  | The reclassification of the debt outstanding under the Amended and Restated $253 Million Term Loan Facility. This includes $20,300 of current long-term debt and $150,343 of long-term debt.
| · |  | The reinstatement of $5,622 related to the termination of the interest rate swap agreement with DNB Bank ASA.
| · |  | The reinstatement of the $815 lease obligation.
| · |  | The reinstatement of $41 of pre-petition accounts payable due to vendors in the United States.
(c)Revaluation of Assets and Liabilities — Fresh-start reporting adjustments are made to reflect asset values at their estimated fair value, including:
| · |  | Adjustment of $179 to prepaid amounts for the Predecessor Company.
| · |  | Adjustment to reflect the fair value of time charters acquired of $434.
| · |  | Adjustment of $1,083,404 to reflect the fair value of vessel assets, vessel deposits, drydocking assets and other fixed assets as of the Effective Date.
| · |  | Adjustment of $2,670 to reflect the fair value of the Company’s current lease agreement which was previously recorded as long-term lease obligations. As of the Effective Date, the lease agreement has been valued at below market, therefore we have recorded in Prepaid expenses and other current assets an asset of $138 which will be amortized over the remaining life of the lease agreement.
| · |  | An adjustment of $166,067 to reflect the reorganization value of the Successor Company in excess of the fair value of assets, net of liabilities.
GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited |
General information |
Schedule of wholly owned ship-owning subsidiaries |
Wholly Owned Subsidiaries |  | Vessel Acquired |  | Dwt |  | Delivery Date |  | Year Built
Genco Reliance Limited |  | Genco Reliance |  | 29,952 |  | 12/6/04 |  | 1999
Genco Vigour Limited |  | Genco Vigour |  | 73,941 |  | 12/15/04 |  | 1999
Genco Explorer Limited |  | Genco Explorer |  | 29,952 |  | 12/17/04 |  | 1999
Genco Carrier Limited |  | Genco Carrier |  | 47,180 |  | 12/28/04 |  | 1998
Genco Sugar Limited |  | Genco Sugar |  | 29,952 |  | 12/30/04 |  | 1998
Genco Pioneer Limited |  | Genco Pioneer |  | 29,952 |  | 1/4/05 |  | 1999
Genco Progress Limited |  | Genco Progress |  | 29,952 |  | 1/12/05 |  | 1999
Genco Wisdom Limited |  | Genco Wisdom |  | 47,180 |  | 1/13/05 |  | 1997
Genco Success Limited |  | Genco Success |  | 47,186 |  | 1/31/05 |  | 1997
Genco Beauty Limited |  | Genco Beauty |  | 73,941 |  | 2/7/05 |  | 1999
Genco Knight Limited |  | Genco Knight |  | 73,941 |  | 2/16/05 |  | 1999
Genco Leader Limited |  | Genco Leader |  | 73,941 |  | 2/16/05 |  | 1999
Genco Marine Limited |  | Genco Marine |  | 45,222 |  | 3/29/05 |  | 1996
Genco Prosperity Limited |  | Genco Prosperity |  | 47,180 |  | 4/4/05 |  | 1997
Genco Muse Limited |  | Genco Muse |  | 48,913 |  | 10/14/05 |  | 2001
Genco Acheron Limited |  | Genco Acheron |  | 72,495 |  | 11/7/06 |  | 1999
Genco Surprise Limited |  | Genco Surprise |  | 72,495 |  | 11/17/06 |  | 1998
Genco Augustus Limited |  | Genco Augustus |  | 180,151 |  | 8/17/07 |  | 2007
Genco Tiberius Limited |  | Genco Tiberius |  | 175,874 |  | 8/28/07 |  | 2007
Genco London Limited |  | Genco London |  | 177,833 |  | 9/28/07 |  | 2007
Genco Titus Limited |  | Genco Titus |  | 177,729 |  | 11/15/07 |  | 2007
Genco Challenger Limited |  | Genco Challenger |  | 28,428 |  | 12/14/07 |  | 2003
Genco Charger Limited |  | Genco Charger |  | 28,398 |  | 12/14/07 |  | 2005
Genco Warrior Limited |  | Genco Warrior |  | 55,435 |  | 12/17/07 |  | 2005
Genco Predator Limited |  | Genco Predator |  | 55,407 |  | 12/20/07 |  | 2005
Genco Hunter Limited |  | Genco Hunter |  | 58,729 |  | 12/20/07 |  | 2007
Genco Champion Limited |  | Genco Champion |  | 28,445 |  | 1/2/08 |  | 2006
Genco Constantine Limited |  | Genco Constantine |  | 180,183 |  | 2/21/08 |  | 2008
Genco Raptor LLC |  | Genco Raptor |  | 76,499 |  | 6/23/08 |  | 2007
Genco Cavalier LLC |  | Genco Cavalier |  | 53,617 |  | 7/17/08 |  | 2007
Genco Thunder LLC |  | Genco Thunder |  | 76,588 |  | 9/25/08 |  | 2007
Genco Hadrian Limited |  | Genco Hadrian |  | 169,694 |  | 12/29/08 |  | 2008
Genco Commodus Limited |  | Genco Commodus |  | 169,025 |  | 7/22/09 |  | 2009
Genco Maximus Limited |  | Genco Maximus |  | 169,025 |  | 9/18/09 |  | 2009
Genco Claudius Limited |  | Genco Claudius |  | 169,025 |  | 12/30/09 |  | 2010
Genco Bay Limited |  | Genco Bay |  | 34,296 |  | 8/24/10 |  | 2010
Genco Ocean Limited |  | Genco Ocean |  | 34,409 |  | 7/26/10 |  | 2010
Genco Avra Limited |  | Genco Avra |  | 34,391 |  | 5/12/2011 |  | 2011
Genco Mare Limited |  | Genco Mare |  | 34,428 |  | 7/20/2011 |  | 2011
Genco Spirit Limited |  | Genco Spirit |  | 34,432 |  | 11/10/2011 |  | 2011
Genco Aquitaine Limited |  | Genco Aquitaine |  | 57,981 |  | 8/18/10 |  | 2009
Genco Ardennes Limited |  | Genco Ardennes |  | 57,981 |  | 8/31/10 |  | 2009
Genco Auvergne Limited |  | Genco Auvergne |  | 57,981 |  | 8/16/10 |  | 2009
Genco Bourgogne Limited |  | Genco Bourgogne |  | 57,981 |  | 8/24/10 |  | 2010
Genco Brittany Limited |  | Genco Brittany |  | 57,981 |  | 9/23/10 |  | 2010
Genco Languedoc Limited |  | Genco Languedoc |  | 57,981 |  | 9/29/10 |  | 2010
Genco Loire Limited |  | Genco Loire |  | 53,416 |  | 8/4/10 |  | 2009
Genco Lorraine Limited |  | Genco Lorraine |  | 53,416 |  | 7/29/10 |  | 2009
Genco Normandy Limited |  | Genco Normandy |  | 53,596 |  | 8/10/10 |  | 2007
Genco Picardy Limited |  | Genco Picardy |  | 55,257 |  | 8/16/10 |  | 2005
Genco Provence Limited |  | Genco Provence |  | 55,317 |  | 8/23/10 |  | 2004
Genco Pyrenees Limited |  | Genco Pyrenees |  | 57,981 |  | 8/10/10 |  | 2010
Genco Rhone Limited |  | Genco Rhone |  | 58,018 |  | 3/29/2011 |  | 2011
Baltic Trading Limited |
General information |
Schedule of wholly owned ship-owning subsidiaries |
Baltic Trading’s Wholly Owned Subsidiaries |  | Vessel Acquired |  | Dwt |  | Delivery Date |  | Year Built
Baltic Leopard Limited |  | Baltic Leopard |  | 53,447 |  | 4/8/10 |  | 2009
Baltic Panther Limited |  | Baltic Panther |  | 53,351 |  | 4/29/10 |  | 2009
Baltic Cougar Limited |  | Baltic Cougar |  | 53,432 |  | 5/28/10 |  | 2009
Baltic Jaguar Limited |  | Baltic Jaguar |  | 53,474 |  | 5/14/10 |  | 2009
Baltic Bear Limited |  | Baltic Bear |  | 177,717 |  | 5/14/10 |  | 2010
Baltic Wolf Limited |  | Baltic Wolf |  | 177,752 |  | 10/14/10 |  | 2010
Baltic Wind Limited |  | Baltic Wind |  | 34,409 |  | 8/4/10 |  | 2009
Baltic Cove Limited |  | Baltic Cove |  | 34,403 |  | 8/23/10 |  | 2010
Baltic Breeze Limited |  | Baltic Breeze |  | 34,386 |  | 10/12/10 |  | 2010
Baltic Fox Limited |  | Baltic Fox |  | 31,883 |  | 9/6/13 |  | 2010
Baltic Hare Limited |  | Baltic Hare |  | 31,887 |  | 9/5/13 |  | 2009
Baltic Lion Limited |  | Baltic Lion |  | 179,185 |  | 12/27/13 |  | 2012
Baltic Tiger Limited |  | Baltic Tiger |  | 179,185 |  | 11/26/13 |  | 2011
Baltic Hornet Limited |  | Baltic Hornet |  | 63,574 |  | 10/29/14 |  | 2014
Baltic Wasp Limited |  | Baltic Wasp |  | 63,389 |  | 1/2/15 |  | 2015
Baltic Scorpion Limited |  | Baltic Scorpion |  | 64,000 |  | Q2 2015 (1) |  | 2015 (1)
Baltic Mantis Limited |  | Baltic Mantis |  | 64,000 |  | Q3 2015 (1) |  | 2015 (1)
(1)Built dates and delivery dates for vessels being delivered in the future are estimates based on guidance received from the sellers and the respective shipyards.

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- Definition Tabular disclosure of description and amounts of adjustments to historical balance sheet to arrive at fresh-start amounts following bankruptcy and reorganization with a different owner. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=34712771&loc=d3e56426-112766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 50 -Paragraph 7 -Subparagraph (a)-(b) -URI http://asc.fasb.org/extlink&oid=6918054&loc=SL2890621-112765 + Details
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