Genco Shipping & Trading Ltd. said that it filed for pre-packaged chapter 11 protection after struggling with weak rates due to an oversupply of vessels, Reuters reported yesterday. The dry bulk shipper said that it expected its operations to continue normally and did not require debtor-in-possession finance. Lenders backing a $1.06 billion credit facility would convert their debt into about 81.1 percent of company's stock, the company said earlier this month. Genco said yesterday that Baltic Trading Ltd., a company formed by Genco, and its units are not included in the restructuring program. Genco listed total assets of about $2.46 billion and liabilities of $1.46 billion, as of Feb. 28, according to its bankruptcy petition.
