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RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY - Debt Discharge and Equity Issuance (Details) $ in Thousands | Jul. 09, 2014 USD ($)
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Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract |
Cash and cash equivalents | $ 136,077
Restricted cash | 9,975
Due from charterers, net | 13,194
Prepaid expenses and other current assets | 30,759
Time charters acquired | 450
Total current assets | 190,455
Noncurrent assets: |
Vessels, net | 1,538,849
Deposits on vessels | 30,975
Deferred drydock, net | 188
Deferred financing costs, net | 7,060
Fixed assets, net | 610
Other noncurrent assets | 514
Restricted cash | 300
Investments | 51,804
Goodwill | 166,067
Total non current assets | 1,796,367
Total assets | 1,986,822
Current liabilities not subject to compromise: |
Accounts payable and accrued expenses | 65,725
Current portion of long-term debt | 32,242
Deferred revenue | 997
Total current liabilities not subject to compromise | 98,964
Noncurrent liabilities not subject to compromise: |
Long-term debt | 375,789
Total noncurrent liabilities not subject to compromises | 375,789
Total liabilities | 474,753
Equity: |
Common stock | 603
Additional paid-in capital | 1,232,397
Total Genco Shipping & Trading Limited shareholders’ equity | 1,233,000
Noncontrolling interest | 279,069
Total equity | 1,512,069
Total liabilities and equity | 1,986,822
Debt Discharge and Equity Issuance |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract |
Cash and cash equivalents | 87,526
Total current assets | 87,526
Noncurrent assets: |
Deferred financing costs, net | (11,893)
Total non current assets | (11,893)
Total assets | 75,633
Current liabilities not subject to compromise: |
Accounts payable and accrued expenses | (1,086)
Total current liabilities not subject to compromise | (1,086)
Noncurrent liabilities not subject to compromise: |
Total liabilities subject to compromise | (1,194,687)
Total liabilities | (1,195,773)
Equity: |
Common stock | 603
Additional paid-in capital | 1,232,397
Accumulated other comprehensive income | (30,357)
Retained (deficit) earnings | 918,338
Total Genco Shipping & Trading Limited shareholders’ equity | 1,271,406
Total equity | 1,271,406
Total liabilities and equity | 75,633
Revaluation Of Assets And Liabilities |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract |
Prepaid expenses and other current assets | (41)
Time charters acquired | 450
Total current assets | 409
Noncurrent assets: |
Vessels, net | (1,065,882)
Deposits on vessels | 2,317
Deferred drydock, net | (16,396)
Fixed assets, net | (3,443)
Goodwill | 166,067
Total non current assets | (917,337)
Total assets | (916,928)
Current liabilities not subject to compromise: |
Time charters acquired | (16)
Total current liabilities not subject to compromise | (16)
Noncurrent liabilities not subject to compromise: |
Long-term lease obligations | (2,670)
Total noncurrent liabilities not subject to compromises | (2,670)
Total liabilities | (2,686)
Equity: |
Retained (deficit) earnings | (860,875)
Total Genco Shipping & Trading Limited shareholders’ equity | (860,875)
Noncontrolling interest | (53,367)
Total equity | (914,242)
Total liabilities and equity | (916,928)
Predecessor |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract |
Cash and cash equivalents | 48,551
Restricted cash | 9,975
Due from charterers, net | 13,194
Prepaid expenses and other current assets | 30,800
Total current assets | 102,520
Noncurrent assets: |
Vessels, net | 2,604,731
Deposits on vessels | 28,658
Deferred drydock, net | 16,584
Deferred financing costs, net | 18,953
Fixed assets, net | 4,053
Other noncurrent assets | 514
Restricted cash | 300
Investments | 51,804
Total non current assets | 2,725,597
Total assets | 2,828,117
Current liabilities not subject to compromise: |
Accounts payable and accrued expenses | 60,333
Current portion of long-term debt | 4,250
Deferred revenue | 997
Time charters acquired | 16
Total current liabilities not subject to compromise | 65,596
Noncurrent liabilities not subject to compromise: |
Long-term lease obligations | 2,670
Long-term debt | 161,500
Total noncurrent liabilities not subject to compromises | 164,170
Total liabilities subject to compromise | 1,443,446
Total liabilities | 1,673,212
Equity: |
Common stock | 445
Additional paid-in capital | 849,130
Accumulated other comprehensive income | 30,357
Retained (deficit) earnings | (57,463)
Total Genco Shipping & Trading Limited shareholders’ equity | 822,469
Noncontrolling interest | 332,436
Total equity | 1,154,905
Total liabilities and equity | 2,828,117
Predecessor | Debt Discharge and Equity Issuance |
Equity: |
Common stock | (445)
Additional paid-in capital | (849,130)
Predecessor | Revaluation Of Assets And Liabilities |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract |
Prepaid expenses and other current assets | 179
Time charters acquired | 434
As Reported | Debt Discharge and Equity Issuance |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract |
Cash and cash equivalents | 87,526
Total current assets | 87,526
Noncurrent assets: |
Deferred financing costs, net | (11,893)
Total non current assets | (11,893)
Total assets | 75,633
Current liabilities not subject to compromise: |
Accounts payable and accrued expenses | (1,086)
Total current liabilities not subject to compromise | (1,086)
Noncurrent liabilities not subject to compromise: |
Total liabilities subject to compromise | (1,194,687)
Total liabilities | (1,195,773)
Equity: |
Common stock | 603
Additional paid-in capital | 1,232,397
Accumulated other comprehensive income | 4,574
Retained (deficit) earnings | 936,774
Total Genco Shipping & Trading Limited shareholders’ equity | 1,324,773
Noncontrolling interest | (53,367)
Total equity | 1,271,406
Total liabilities and equity | 75,633
As Reported | Revaluation Of Assets And Liabilities |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract |
Prepaid expenses and other current assets | (41)
Time charters acquired | 450
Total current assets | 409
Noncurrent assets: |
Vessels, net | (1,065,882)
Deposits on vessels | 2,317
Deferred drydock, net | (16,396)
Fixed assets, net | (3,443)
Goodwill | 166,067
Total non current assets | (917,337)
Total assets | (916,928)
Current liabilities not subject to compromise: |
Time charters acquired | (16)
Total current liabilities not subject to compromise | (16)
Noncurrent liabilities not subject to compromise: |
Long-term lease obligations | (2,670)
Total noncurrent liabilities not subject to compromises | (2,670)
Total liabilities | (2,686)
Equity: |
Accumulated other comprehensive income | (34,931)
Retained (deficit) earnings | (879,311)
Total Genco Shipping & Trading Limited shareholders’ equity | (914,242)
Total equity | (914,242)
Total liabilities and equity | (916,928)
As Reported | Predecessor | Debt Discharge and Equity Issuance |
Equity: |
Common stock | (445)
Additional paid-in capital | (849,130)
Adjustment | Debt Discharge and Equity Issuance |
Equity: |
Accumulated other comprehensive income | (34,931)
Retained (deficit) earnings | (18,436)
Total Genco Shipping & Trading Limited shareholders’ equity | (53,367)
Noncontrolling interest | 53,367
Adjustment | Revaluation Of Assets And Liabilities |
Equity: |
Accumulated other comprehensive income | 34,931
Retained (deficit) earnings | 18,436
Total Genco Shipping & Trading Limited shareholders’ equity | 53,367
Noncontrolling interest | (53,367)
Adjustment | Predecessor |
Noncurrent assets: |
Goodwill | $ 166,067

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