During the 12 months before Genco filed for chapter 11 bankruptcy on April 21, Chairman Peter Georgiopoulos received $1.46 million in compensation, plus more than $436,000 in expense reimbursements — the majority of which were for sporting event tickets, according to newly filed court documents, the Wall Street Journal reported today. Georgiopoulos has also faced headwinds with another shipping company where he is chairman: General Maritime Corp., which emerged from bankruptcy in 2012 after lowering its debt and receiving a $175 million investment from Oaktree Capital Management LP. Overall, Genco said that it paid $4.2 million in compensation to six directors, its chairman and two executives during this year-long period, and more than $663,000 in reimbursements for items like travel and lodging to the same group.
