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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2017
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 21 - SUBSEQUENT EVENTS On February 27, 2018, the Board of Directors determined to dispose of the Company’s following nine vessels; the Genco Cavalier, the Genco Loire, the Genco Lorraine, the Genco Muse, the Genco Normandy, the Baltic Cougar, the Baltic Jaguar, the Baltic Leopard and the Baltic Panther, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we have adjusted the values of these older vessels to their respective fair market values during the first quarter of 2018. This is expected to result in an impairment loss of approximately $56,400 in the first quarter of 2018. On February 27, 2018, the Company’s Board of Directors awarded grants of 37,436 RSUs and options to purchase 122,608 shares of the Company’s stock at an exercise price of $13.69 to certain individuals under the 2015 Plan. The awards generally vest ratably in one-third increments on the first three anniversaries of February 27, 2018. The Company has evaluated all subsequent events through the date these consolidated financial statements were issued and determined that there are no additional subsequent events to record or disclose.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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