Drybulk shipper Genco Shipping emerged from chapter 11 protection, the Associated Press reported yesterday. The company says it reduced its debt by $1.2 billion while eliminating $192.8 million in amortization payments and $40 million in annual interest payments. Genco also says that it got $100 million in new capital through a rights offering. Genco Shipping & Trading Ltd. filed for bankruptcy protection in April, saying it had $1.3 billion in debt and needed to reduce debt and restructure its business.
