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RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY (Tables) | 12 Months Ended
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Dec. 31, 2014
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY |
Schedule of restatement corrections | Consolidated Statement of Operations (U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)
|  | Predecessor |  |  |  | Predecessor |
|  | Period from January 1 to July 9, 2014 As Reported |  | Adjustment |  | Period from January 1 to July 9, 2014 As Restated |
Loss before reorganization items, net |  | $ | (96,795 | ) | — |  | $ | (96,795 | )
Reorganization items, net |  | 882,167 |  | (1,797,807 | ) (a) | (915,640 | )
(Loss) income before income taxes |  | 785,372 |  | (1,797,807 | ) | (1,012,435 | )
Income tax expense |  | (815 | ) | — |  | (815 | )
Net (loss) income |  | 784,557 |  | (1,797,807 | ) | (1,013,250 | )
Less: Net loss attributable to noncontrolling interest |  | (8,734 | ) | (53,367 | ) (b) | (62,101 | )
Net (loss) income attributable to Genco Shipping & Trading Limited |  | $ | 793,291 |  | $ | (1,744,440 | ) | $ | (951,149 | )
Net (loss) income per share-basic |  | $ | 18.21 |  | N/A |  | $ | (21.83 | )
Net (loss) income per share-diluted |  | $ | 18.21 |  | N/A |  | $ | (21.83 | )
Weighted average common shares outstanding-basic |  | 43,568,942 |  | N/A |  | 43,568,942 |
Weighted average common shares outstanding-diluted |  | 43,568,942 |  | N/A |  | 43,568,942 |
Dividends declared per share |  | $ | — |  | N/A |  | $ | — |
| (a) |  | The adjustment is the result of errors in the Company’s prior accounting for the following transactions associated with the application of fresh—start accounting:
|  | Adjustment |
Discharge of Predecessor equity <1> |  | $ | (829,974 | )
Issuance of Successor equity <2> |  | (1,133,900 | )
Recording of goodwill in fresh-start accounting <3> |  | 166,067 |
Total |  | $ | (1,797,807 | )
<1> The accounting consequences related to the discharge of Predecessor equity were previously reported as a component in the computation of “Reorganization items, net”. The adjustment is to exclude the accounting consequences related to the discharge of Predecessor equity from the computation of “Reorganization items, net”. <2> The accounting consequences related to the issuance of Successor equity were previously excluded as a component in the computation of “Reorganization items, net”. The adjustment is to include from the accounting consequences related to the issuance of Successor equity in the computation of “Reorganization items, net”. <3> The accounting consequences related to the recognition of goodwill were previously excluded as a component in the computation of “Reorganization items, net”. The adjustment is to include the accounting consequences related to the establishment of goodwill in the computation of “Reorganization items, net”.
| (b) |  | The adjustment is the result of errors in the Company’s prior accounting for the consequences to non-controlling interests of certain transactions associated with the application of fresh-start accounting.
Consolidated Statement of Comprehensive Loss (U.S. Dollars in Thousands)
|  | Predecessor |  |  |  | Predecessor |
|  | Period from January 1 to July 9, 2014 As Reported |  | Adjustment |  | Period from January 1 to July 9, 2014 As Restated |
Net (loss) income |  | $ | 784,557 |  | $ | (1,797,807 | ) | (1,013,250 | )
Change in unrealized (loss) gain on investments |  | (25,766 | ) | — |  | (25,766 | )
Unrealized gain on cash flow hedges, net |  | 2,401 |  | — |  | 2,401 |
Other comprehensive (loss) income |  | (23,365 | ) | — |  | (23,365 | )
Comprehensive (loss) income |  | 761,192 |  | (1,797,807 | ) | (1,036,615 | )
Less: Comprehensive loss attributable to noncontrolling interest |  | (8,734 | ) | (53,367 | ) | (62,101 | )
Comprehensive (loss) income attributable to Genco Shipping & Trading Limited |  | $ | 769,926 |  | $ | (1,744,440 | ) | $ | (974,514 | )
In addition, the effect of correcting for these errors resulted in the restatement of:
| · |  | The previously reported components of Reorganization items, net — see Note 21;
| · |  | The following previously reported financial information included in the column “Debt Discharge and Equity Issuance” in the table “Fresh-Start Adjustments” in Note 1:
|  | Debt Discharge and Equity Issuance (as reported) |  | Adjustment |  | Debt Discharge and Equity Issuance (a) (as restated) |
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 87,526 |  | $ | — |  | $ | 87,526 |
Restricted cash |  | — |  | — |  | — |
Due from charterers, net |  | — |  | — |  | — |
Prepaid expenses and other current assets |  | — |  | — |  | — |
Time charters acquired |  | — |  | — |  | — |
Total current assets |  | 87,526 |  | — |  | 87,526 |
Noncurrent assets: |  |  |  |  |  |  |
Vessels, net |  | — |  | — |  | — |
Deposits on vessels |  | — |  | — |  | — |
Deferred drydock, net |  | — |  | — |  | — |
Deferred financing costs, net |  | (11,893 | ) | — |  | (11,893 | )
Fixed assets, net |  | — |  | — |  | — |
Other noncurrent assets |  | — |  | — |  | — |
Restricted cash |  | — |  | — |  | — |
Investments |  | — |  | — |  | — |
Goodwill |  | — |  | — |  | — |
Total noncurrent assets |  | (11,893 | ) | — |  | (11,893 | )
Total assets |  | $ | 75,633 |  | $ | — |  | $ | 75,633 |
Liabilities and Equity |  |  |  |  |  |  |
Current liabilities not subject to compromise: |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | (1,086 | ) | $ | — |  | $ | (1,086 | )
Current portion of long-term debt |  | — |  | — |  | — |
Deferred revenue |  | — |  | — |  | — |
Time charters acquired |  | — |  | — |  | — |
Total current liabilities not subject to compromise |  | (1,086 | ) | — |  | (1,086 | )
Noncurrent liabilities not subject to compromise: |  |  |  |  |  |  |
Long-term lease obligations |  | — |  | — |  | — |
Long-term debt |  | — |  | — |  | — |
Total noncurrent liabilities not subject to compromises |  | — |  | — |  | — |
Total liabilities subject to compromise |  | (1,194,687 | ) | — |  | (1,194,687 | )
Total liabilities |  | (1,195,773 | ) | — |  | (1,195,773 | )
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 |  | 4,574 |  | (34,931 | ) | (30,357 | )
Retained (deficit) earnings |  | 936,774 |  | (18,436 | ) | 918,338 |
Total Genco Shipping & Trading Limited shareholders’ equity |  | 1,324,773 |  | (53,367 | ) | 1,271,406 |
Noncontrolling interest |  | (53,367 | ) | 53,367 |  | — |
Total equity |  | 1,271,406 |  | — |  | 1,271,406 |
Total liabilities and equity |  | $ | 75,633 |  | $ | — |  | $ | 75,633 |
| · |  | The following previously reported financial information included in the column “Revaluation of Assets and Liabilities” in the table “Fresh-Start Adjustments” in Note 1:
|  | Revaluation of Assets and Liabilities (as reported) |  | Adjustment |  | Revaluation of Assets and Liabilities (as restated) |
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | — |
Restricted cash |  | — |  | — |  | — |
Due from charterers, net |  | — |  | — |  | — |
Prepaid expenses and other current assets |  | (41 | ) | — |  | (41 | )
Time charters acquired |  | 450 |  | — |  | 450 |
Total current assets |  | 409 |  | — |  | 409 |
Noncurrent assets: |  |  |  |  |  |  |
Vessels, net |  | (1,065,882 | ) | — |  | (1,065,882 | )
Deposits on vessels |  | 2,317 |  | — |  | 2,317 |
Deferred drydock, net |  | (16,396 | ) | — |  | (16,396 | )
Deferred financing costs, net |  | — |  | — |  | — |
Fixed assets, net |  | (3,443 | ) | — |  | (3,443 | )
Other noncurrent assets |  | — |  | — |  | — |
Restricted cash |  | — |  | — |  | — |
Investments |  | — |  | — |  | — |
Goodwill |  | 166,067 |  | — |  | 166,067 |
Total noncurrent assets |  | (917,337 | ) | — |  | (917,337 | )
Total assets |  | $ | (916,928 | ) | $ | — |  | $ | (916,928 | )
Liabilities and Equity |  |  |  |  |  |  |
Current liabilities not subject to compromise: |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | — |  | $ | — |  | $ | — |
Current portion of long-term debt |  | — |  | — |  | — |
Deferred revenue |  | — |  | — |  | — |
Time charters acquired |  | (16 | ) | — |  | (16) |
Total current liabilities not subject to compromise |  | (16 | ) | — |  | (16) |
Noncurrent liabilities not subject to compromise: |  |  |  |  |  |  |
Long-term lease obligations |  | (2,670 | ) | — |  | (2,670 | )
Long-term debt |  | — |  | — |  | — |
Total noncurrent liabilities not subject to compromises |  | (2,670 | ) | — |  | (2,670 | )
Total liabilities subject to compromise |  | — |  | — |  | — |
Total liabilities |  | (2,686 | ) | — |  | (2,686 | )
Equity: |  |  |  |  |  |  |
Genco Shipping & Trading Limited shareholders’ equity: |  | — |  | — |  | — |
Predecessor Common stock |  | — |  | — |  | — |
Predecessor Additional paid-in capital |  | — |  | — |  | — |
Successor Common stock |  | — |  | — |  | — |
Successor Additional paid-in capital |  | — |  | — |  | — |
Accumulated other comprehensive income |  | (34,931 | ) | 34,931 |  | — |
Retained (deficit) earnings |  | (879,311 | ) | 18,436 |  | (860,875 | )
Total Genco Shipping & Trading Limited shareholders’ equity |  | (914,242 | ) | 53,367 |  | (860,875 | )
Noncontrolling interest |  | — |  | (53,367 | ) | (53,367 | )
Total equity |  | (914,242 | ) | — |  | (914,242 | )
Total liabilities and equity |  | $ | (916,928 | ) | $ | — |  | $ | (916,928 | )

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