The committee representing equity holders of Genco Shipping and Trading Ltd. began making its case for receiving a larger distribution in the shipping company's chapter 11 restructuring yesterday during the first day of what's expected to be a four-day confirmation trial, Dow Jones Daily Bankruptcy Review reported today. Based on the lowest-end valuation of Genco determined by the equity committee's experts, holders of Genco equity securities should be able to recover nearly $100 million, Steven Bierman of Sidley Austin LLP argued in opening arguments on behalf of the equity committee — made up of Aurelius Capital Partners LP, Och-Ziff Capital Management Group and Mohawk Capital LLC. This estimate stands in contrast to the currently promised warrant recovery for equity holders, a gift valued by Genco at $32.9 million.
