Republic of the Marshall Islands
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001-33393
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98-043-9758
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||
(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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299 Park Avenue
12th Floor
(Address of Principal Executive Offices)
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10171
(Zip Code)
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 | Entry into a Material Definitive Agreement. |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Item 7.01. | Regulation FD Disclosure. |
Item 9.01. | Financial Statements and Exhibits |
Exhibit No
.
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Description
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10.1
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Letter Agreement dated June 23, 2014 between Genco Shipping & Trading Limited and John C. Wobensmith
.
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99.1
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Monthly Operating Report for the period from April 21, 2014 through May 31, 2014, filed with the United States Bankruptcy Court for the Southern District of New York
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GENCO SHIPPING & TRADING LIMITED
DATE: June 27, 2014
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/s/ John C. Wobensmith
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John C. Wobensmith
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Chief Financial Officer and Secretary (Principal Financial and Accounting Officer)
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Exhibit No
.
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Description
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Letter Agreement dated June 23, 2014 between Genco Shipping & Trading Limited and John C. Wobensmith
.
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Monthly Operating Report for the period from April 21, 2014 through May 31, 2014, filed with the United States Bankruptcy Court for the Southern District of New York
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Very truly yours,
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GENCO SHIPPING & TRADING LIMITED
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By:
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/s/ Robert G. Buchanan
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Name: Robert G. Buchanan
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Title: President
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ACCEPTED AND AGREED TO:
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/s/ John Wobensmith
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John Wobensmith
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Date: June 23, 2014
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UNITED STATES BANKRUPTCY COURT
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SOUTHERN DISTRICT OF NEW YORK
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x
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:
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In re:
|
:
|
Chapter 11
|
|
:
|
|
GENCO SHIPPING & TRADING LIMITED,
et
al.
,
|
:
|
Case No. 14-11108 (SHL)
|
|
:
|
|
:
|
||
Debtors.
|
:
|
Jointly Administered
|
x
|
|
1. | Introduction. |
2. | Consolidated Reports. |
3. | GAAP. |
4. | Prepetition Financial Reporting. |
5. | General Methodology. |
6. | Past Performance. |
7. | Prepetition vs. Postpetition Liabilities. |
8. | Net Book Value of Assets. |
9. | Intercompany Transactions. |
10. | Payments to Insiders. |
11. | Payments to Professionals. |
12. | Liabilities Subject to Compromise |
13. | Liabilities Not Subject to Compromise. |
14. | Reservation of Rights. |
|
X
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|
|
In re:
|
:
|
Chapter 11
|
|
GENCO SHIPPING & TRADING LIMITED,
et al.
|
:
|
|
|
|
:
|
Case No.
|
14-11108
|
|
:
|
|
|
Debtors
|
:
|
Joint Administration Proceeding
|
|
|
X
|
|
|
Debtors' Address:
|
299 Park Avenue, 12th Floor
|
|
New York, NY 10171
|
|
|
Debtors' Attorneys:
|
Kramer Levin Naftalis & Frankel LP
|
|
1177 Avenue of the Americas
|
|
New York, NY 10036
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/s/ John C. Wobensmith
|
|
June 27, 2014
|
|
John C. Wobensmith
|
|
Date
|
|
Chief Financial Officer
|
|
|
|
Genco Shipping & Trading Limited
|
|
|
|
In re
|
GENCO SHIPPING & TRADING LIMITED,
et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
|
|
|
|
|
|
Federal Tax I.D. #
|
98-0439758
|
REQUIRED DOCUMENTS
|
Form No.
|
Document Attached
|
Explanation Attached
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
X
|
|
Bank Reconciliation (or copies of debtor's bank reconciliations)
|
MOR-1 (CON'T)
|
X
|
|
Copies of bank statements
|
|
|
X
|
Cash disbursements journals
|
|
|
X
|
Statement of Operations
|
MOR-2
|
X
|
|
Balance Sheet
|
MOR-3
|
X
|
|
Status of Post-petition Taxes
¹
|
MOR-4
|
X
|
|
Copies of IRS Form 6123 or payment receipt
|
|
|
X
|
Copies of tax returns filed during reporting period
|
|
|
X
|
Summary of Unpaid Post-petition Debts
|
MOR-4
|
X
|
|
Listing of Aged Accounts Payable
|
|
|
X
|
Accounts Receivable Reconciliation and Aging
|
MOR-5
|
X
|
|
Taxes Reconciliation and Aging
|
MOR-5
|
X
|
|
Payments to Insiders and Professional
|
MOR-6
|
X
|
|
Post Petition Status of Secured Notes, Leases Payable
|
MOR-6
|
X
|
|
Debtor Questionnaire
|
MOR-7
|
X
|
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
Debtor
|
Case Number
|
Genco Acheron Limited
|
14-11115
|
Genco Aquitaine Limited
|
14-11116
|
Genco Ardennes Limited
|
14-11119
|
Genco Augustus Limited
|
14-11121
|
Genco Auvergne Limited
|
14-11123
|
Genco Avra Limited
|
14-11125
|
Genco Bay Limited
|
14-11127
|
Genco Beauty Limited
|
14-11129
|
Genco Bourgogne Limited
|
14-11131
|
Genco Brittany Limited
|
14-11133
|
Genco Carrier Limited
|
14-11136
|
Genco Cavalier LLC
|
14-11137
|
Genco Challenger Limited
|
14-11140
|
Genco Champion Limited
|
14-11142
|
Genco Charger Limited
|
14-11144
|
Genco Claudius Limited
|
14-11146
|
Genco Commodus Limited
|
14-11148
|
Genco Constantine Limited
|
14-11114
|
Genco Explorer Limited
|
14-11118
|
Genco Hadrian Limited
|
14-11122
|
Genco Hunter Limited
|
14-11126
|
Genco Investments LLC
|
14-11111
|
Genco Knight Limited
|
14-11130
|
Genco Languedoc Limited
|
14-11134
|
Genco Leader Limited
|
14-11139
|
Genco Loire Limited
|
14-11143
|
Genco London Limited
|
14-11150
|
Genco Lorraine Limited
|
14-11151
|
Genco Management (USA) LLC
|
14-11110
|
Genco Mare Limited
|
14-11153
|
Genco Marine Limited
|
14-11156
|
Genco Maximus Limited
|
14-11157
|
Genco Muse Limited
|
14-11113
|
Genco Normandy Limited
|
14-11117
|
Genco Ocean Limited
|
14-11120
|
Genco Picardy Limited
|
14-11124
|
Genco Pioneer Limited
|
14-11128
|
Genco Predator Limited
|
14-11132
|
Genco Progress Limited
|
14-11135
|
Genco Prosperity Limited
|
14-11138
|
Genco Provence Limited
|
14-11141
|
Genco Pyrenees Limited
|
14-11145
|
Genco Raptor LLC
|
14-11147
|
Genco RE Investments LLC
|
14-11112
|
Genco Reliance Limited
|
14-11149
|
Genco Rhone Limited
|
14-11152
|
Genco Shipping & Trading Limited
|
14-11108
|
Genco Ship Management LLC
|
14-11109
|
Genco Spirit Limited
|
14-11154
|
Genco Success Limited
|
14-11155
|
Genco Sugar Limited
|
14-11158
|
Genco Surprise Limited
|
14-11159
|
Genco Thunder LLC
|
14-11160
|
Genco Tiberius Limited
|
14-11161
|
Genco Titus Limited
|
14-11162
|
Genco Vigour Limited
|
14-11163
|
Genco Warrior Limited
|
14-11164
|
Genco Wisdom Limited
|
14-11165
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
Debtor
|
Case Number
|
Total Receipts
|
Intercompany
Receipts (1)
|
Receipts Excluding Intercompany
|
||||||||||||
Genco Acheron Limited
|
14-11115 |
$
|
367,372.35
|
$
|
3,512.82
|
$
|
363,859.53
|
|||||||||
Genco Aquitaine Limited
|
14-11116 |
717,681.46
|
301,500.00
|
416,181.46
|
||||||||||||
Genco Ardennes Limited
|
14-11119 |
247,265.00
|
-
|
247,265.00
|
||||||||||||
Genco Augustus Limited
|
14-11121 |
486,161.96
|
9,337.76
|
476,824.20
|
||||||||||||
Genco Auvergne Limited
|
14-11123 |
248,644.39
|
19,957.14
|
228,687.25
|
||||||||||||
Genco Avra Limited
|
14-11125 |
962,632.66
|
619,044.24
|
343,588.42
|
||||||||||||
Genco Bay Limited
|
14-11127 |
366,239.74
|
-
|
366,239.74
|
||||||||||||
Genco Beauty Limited
|
14-11129 |
255,103.50
|
1,242.69
|
253,860.81
|
||||||||||||
Genco Bourgogne Limited
|
14-11131 |
3,634,251.66
|
3,181,779.12
|
452,472.54
|
||||||||||||
Genco Brittany Limited
|
14-11133 |
178,461.89
|
-
|
178,461.89
|
||||||||||||
Genco Carrier Limited
|
14-11136 |
29,510.45
|
2,887.40
|
26,623.05
|
||||||||||||
Genco Cavalier LLC
|
14-11137 |
245,203.00
|
64.00
|
245,139.00
|
||||||||||||
Genco Challenger Limited
|
14-11140 |
342,721.98
|
76.00
|
342,645.98
|
||||||||||||
Genco Champion Limited
|
14-11142 |
335,978.10
|
64.00
|
335,914.10
|
||||||||||||
Genco Charger Limited
|
14-11144 |
322,151.11
|
576.01
|
321,575.10
|
||||||||||||
Genco Claudius Limited
|
14-11146 |
507,429.09
|
10,604.16
|
496,824.93
|
||||||||||||
Genco Commodus Limited
|
14-11148 |
458,423.00
|
5,526.67
|
452,896.33
|
||||||||||||
Genco Constantine Limited
|
14-11114 |
471,210.65
|
100.00
|
471,110.65
|
||||||||||||
Genco Explorer Limited
|
14-11118 |
278,466.49
|
52.00
|
278,414.49
|
||||||||||||
Genco Hadrian Limited
|
14-11122 |
686,060.56
|
240,759.06
|
445,301.50
|
||||||||||||
Genco Hunter Limited
|
14-11126 |
449,077.71
|
3,891.99
|
445,185.72
|
||||||||||||
Genco Investments LLC
|
14-11111 |
1,435.28
|
1,148.40
|
286.88
|
||||||||||||
Genco Knight Limited
|
14-11130 |
104,981.08
|
22,586.27
|
82,394.81
|
||||||||||||
Genco Languedoc Limited
|
14-11134 |
285,368.14
|
-
|
285,368.14
|
||||||||||||
Genco Leader Limited
|
14-11139 |
520,360.10
|
88.00
|
520,272.10
|
||||||||||||
Genco Loire Limited
|
14-11143 |
-
|
-
|
-
|
||||||||||||
Genco London Limited
|
14-11150 |
301,546.62
|
76.00
|
301,470.62
|
||||||||||||
Genco Lorraine Limited
|
14-11151 |
328,968.75
|
-
|
328,968.75
|
||||||||||||
Genco Management (USA) LLC
|
14-11110 |
981,481.40
|
-
|
981,481.40
|
||||||||||||
Genco Mare Limited
|
14-11153 |
389,728.97
|
-
|
389,728.97
|
||||||||||||
Genco Marine Limited
|
14-11156 |
290,489.61
|
339.61
|
290,150.00
|
||||||||||||
Genco Maximus Limited
|
14-11157 |
465,780.54
|
12,674.65
|
453,105.89
|
||||||||||||
Genco Muse Limited
|
14-11113 |
827,296.32
|
64.00
|
827,232.32
|
||||||||||||
Genco Normandy Limited
|
14-11117 |
158,309.92
|
-
|
158,309.92
|
||||||||||||
Genco Ocean Limited
|
14-11120 |
232,112.06
|
-
|
232,112.06
|
||||||||||||
Genco Picardy Limited
|
14-11124 |
412,545.46
|
-
|
412,545.46
|
||||||||||||
Genco Pioneer Limited
|
14-11128 |
444,552.03
|
1,212.00
|
443,340.03
|
||||||||||||
Genco Predator Limited
|
14-11132 |
287,012.31
|
14,859.25
|
272,153.06
|
||||||||||||
Genco Progress Limited
|
14-11135 |
312,149.90
|
52.00
|
312,097.90
|
||||||||||||
Genco Prosperity Limited
|
14-11138 |
143,514.78
|
76.00
|
143,438.78
|
||||||||||||
Genco Provence Limited
|
14-11141 |
241,403.18
|
-
|
241,403.18
|
||||||||||||
Genco Pyrenees Limited
|
14-11145 |
431,704.09
|
7,312.50
|
424,391.59
|
||||||||||||
Genco Raptor LLC
|
14-11147 |
398,148.53
|
84,999.15
|
313,149.38
|
||||||||||||
Genco RE Investments LLC
|
14-11112 |
-
|
-
|
-
|
||||||||||||
Genco Reliance Limited
|
14-11149 |
2,552.00
|
2,552.00
|
-
|
||||||||||||
Genco Rhone Limited
|
14-11152 |
279,996.23
|
-
|
279,996.23
|
||||||||||||
Genco Shipping & Trading Limited
|
14-11108 |
13,213,267.24
|
13,194,892.29
|
18,374.95
|
||||||||||||
Genco Ship Management LLC
|
14-11109 |
145,056.30
|
145,056.30
|
-
|
||||||||||||
Genco Spirit Limited
|
14-11154 |
250,413.43
|
-
|
250,413.43
|
||||||||||||
Genco Success Limited
|
14-11155 |
781,914.44
|
296,064.00
|
485,850.44
|
||||||||||||
Genco Sugar Limited
|
14-11158 |
506,785.68
|
2,012.44
|
504,773.24
|
||||||||||||
Genco Surprise Limited
|
14-11159 |
256,317.46
|
20,874.00
|
235,443.46
|
||||||||||||
Genco Thunder LLC
|
14-11160 |
216,839.76
|
3,485.77
|
213,353.99
|
||||||||||||
Genco Tiberius Limited
|
14-11161 |
478,004.53
|
9,098.18
|
468,906.35
|
||||||||||||
Genco Titus Limited
|
14-11162 |
512,310.05
|
4,767.17
|
507,542.88
|
||||||||||||
Genco Vigour Limited
|
14-11163 |
224,764.00
|
5,952.69
|
218,811.31
|
||||||||||||
Genco Warrior Limited
|
14-11164 |
88.00
|
88.00
|
-
|
||||||||||||
Genco Wisdom Limited
|
14-11165 |
251,354.59
|
1,876.00
|
249,478.59
|
||||||||||||
|
||||||||||||||||
Total Cash Receipts
|
$
|
36,268,599.53
|
$
|
18,233,181.73
|
$
|
18,035,417.80
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
Debtor
|
Case Number
|
Total Disbursements (1)
|
Intercompany
Disbursements (2)
|
Disbursements Excluding
Intercompany
|
||||||||||||
Genco Acheron Limited
|
14-11115 |
$
|
(753,852.75
|
)
|
$
|
(363,859.53
|
)
|
$
|
(389,993.22
|
)
|
||||||
Genco Aquitaine Limited
|
14-11116 |
(926,510.65
|
)
|
(416,181.46
|
)
|
(510,329.19
|
)
|
|||||||||
Genco Ardennes Limited
|
14-11119 |
(396,275.09
|
)
|
(242,715.00
|
)
|
(153,560.09
|
)
|
|||||||||
Genco Augustus Limited
|
14-11121 |
(708,844.96
|
)
|
(476,824.20
|
)
|
(232,020.76
|
)
|
|||||||||
Genco Auvergne Limited
|
14-11123 |
(496,295.44
|
)
|
(228,687.25
|
)
|
(267,608.19
|
)
|
|||||||||
Genco Avra Limited
|
14-11125 |
(1,027,905.98
|
)
|
(800,750.39
|
)
|
(227,155.59
|
)
|
|||||||||
Genco Bay Limited
|
14-11127 |
(308,123.00
|
)
|
(142,895.00
|
)
|
(165,228.00
|
)
|
|||||||||
Genco Beauty Limited
|
14-11129 |
(429,285.39
|
)
|
(252,624.28
|
)
|
(176,661.11
|
)
|
|||||||||
Genco Bourgogne Limited
|
14-11131 |
(1,539,525.91
|
)
|
(984,629.41
|
)
|
(554,896.50
|
)
|
|||||||||
Genco Brittany Limited
|
14-11133 |
(353,320.89
|
)
|
(178,461.89
|
)
|
(174,859.00
|
)
|
|||||||||
Genco Carrier Limited
|
14-11136 |
(240,387.66
|
)
|
(26,623.05
|
)
|
(213,764.61
|
)
|
|||||||||
Genco Cavalier LLC
|
14-11137 |
(519,761.03
|
)
|
(245,139.00
|
)
|
(274,622.03
|
)
|
|||||||||
Genco Challenger Limited
|
14-11140 |
(511,852.35
|
)
|
(342,645.98
|
)
|
(169,206.37
|
)
|
|||||||||
Genco Champion Limited
|
14-11142 |
(514,184.47
|
)
|
(335,914.10
|
)
|
(178,270.37
|
)
|
|||||||||
Genco Charger Limited
|
14-11144 |
(493,860.91
|
)
|
(319,563.06
|
)
|
(174,297.85
|
)
|
|||||||||
Genco Claudius Limited
|
14-11146 |
(757,489.14
|
)
|
(496,824.93
|
)
|
(260,664.21
|
)
|
|||||||||
Genco Commodus Limited
|
14-11148 |
(625,762.00
|
)
|
(452,896.33
|
)
|
(172,865.67
|
)
|
|||||||||
Genco Constantine Limited
|
14-11114 |
(690,817.65
|
)
|
(471,110.65
|
)
|
(219,707.00
|
)
|
|||||||||
Genco Explorer Limited
|
14-11118 |
(441,187.08
|
)
|
(278,414.49
|
)
|
(162,772.59
|
)
|
|||||||||
Genco Hadrian Limited
|
14-11122 |
(1,041,254.56
|
)
|
(445,213.50
|
)
|
(596,041.06
|
)
|
|||||||||
Genco Hunter Limited
|
14-11126 |
(566,659.14
|
)
|
(445,185.72
|
)
|
(121,473.42
|
)
|
|||||||||
Genco Investments LLC
|
14-11111 |
(1,435.36
|
)
|
(1,353.36
|
)
|
(82.00
|
)
|
|||||||||
Genco Knight Limited
|
14-11130 |
(242,141.40
|
)
|
-
|
(242,141.40
|
)
|
||||||||||
Genco Languedoc Limited
|
14-11134 |
(561,533.26
|
)
|
(281,583.14
|
)
|
(279,950.12
|
)
|
|||||||||
Genco Leader Limited
|
14-11139 |
(835,354.51
|
)
|
(520,272.10
|
)
|
(315,082.41
|
)
|
|||||||||
Genco Loire Limited
|
14-11143 |
(128,378.00
|
)
|
-
|
(128,378.00
|
)
|
||||||||||
Genco London Limited
|
14-11150 |
(573,720.62
|
)
|
(291,218.02
|
)
|
(282,502.60
|
)
|
|||||||||
Genco Lorraine Limited
|
14-11151 |
(485,506.31
|
)
|
(312,954.00
|
)
|
(172,552.31
|
)
|
|||||||||
Genco Management (USA) LLC
|
14-11110 |
(76.50
|
)
|
-
|
(76.50
|
)
|
||||||||||
Genco Mare Limited
|
14-11153 |
(288,961.66
|
)
|
(131,713.63
|
)
|
(157,248.03
|
)
|
|||||||||
Genco Marine Limited
|
14-11156 |
(602,336.92
|
)
|
(257,832.52
|
)
|
(344,504.40
|
)
|
|||||||||
Genco Maximus Limited
|
14-11157 |
(643,541.54
|
)
|
(453,105.89
|
)
|
(190,435.65
|
)
|
|||||||||
Genco Muse Limited
|
14-11113 |
(984,501.60
|
)
|
(827,232.32
|
)
|
(157,269.28
|
)
|
|||||||||
Genco Normandy Limited
|
14-11117 |
(307,296.92
|
)
|
(158,309.92
|
)
|
(148,987.00
|
)
|
|||||||||
Genco Ocean Limited
|
14-11120 |
(388,389.00
|
)
|
(181,714.00
|
)
|
(206,675.00
|
)
|
|||||||||
Genco Picardy Limited
|
14-11124 |
(532,120.46
|
)
|
(412,545.46
|
)
|
(119,575.00
|
)
|
|||||||||
Genco Pioneer Limited
|
14-11128 |
(926,410.26
|
)
|
(755,437.93
|
)
|
(170,972.33
|
)
|
|||||||||
Genco Predator Limited
|
14-11132 |
(448,968.24
|
)
|
(269,353.06
|
)
|
(179,615.18
|
)
|
|||||||||
Genco Progress Limited
|
14-11135 |
(322,006.17
|
)
|
-
|
(322,006.17
|
)
|
||||||||||
Genco Prosperity Limited
|
14-11138 |
(276,091.05
|
)
|
(143,438.78
|
)
|
(132,652.27
|
)
|
|||||||||
Genco Provence Limited
|
14-11141 |
(425,256.44
|
)
|
(241,403.18
|
)
|
(183,853.26
|
)
|
|||||||||
Genco Pyrenees Limited
|
14-11145 |
(660,666.46
|
)
|
(424,391.59
|
)
|
(236,274.87
|
)
|
|||||||||
Genco Raptor LLC
|
14-11147 |
(632,631.53
|
)
|
(313,149.38
|
)
|
(319,482.15
|
)
|
|||||||||
Genco RE Investments LLC
|
14-11112 |
-
|
-
|
-
|
||||||||||||
Genco Reliance Limited
|
14-11149 |
(39,785.15
|
)
|
-
|
(39,785.15
|
)
|
||||||||||
Genco Rhone Limited
|
14-11152 |
(395,926.47
|
)
|
(279,996.23
|
)
|
(115,930.24
|
)
|
|||||||||
Genco Shipping & Trading Limited
|
14-11108 |
(18,017,605.12
|
)
|
(990,024.85
|
)
|
(17,027,580.27
|
)
|
|||||||||
Genco Ship Management LLC
|
14-11109 |
(145,056.30
|
)
|
-
|
(145,056.30
|
)
|
||||||||||
Genco Spirit Limited
|
14-11154 |
(346,781.56
|
)
|
(160,379.28
|
)
|
(186,402.28
|
)
|
|||||||||
Genco Success Limited
|
14-11155 |
(919,718.38
|
)
|
(485,850.44
|
)
|
(433,867.94
|
)
|
|||||||||
Genco Sugar Limited
|
14-11158 |
(667,261.00
|
)
|
(504,773.24
|
)
|
(162,487.76
|
)
|
|||||||||
Genco Surprise Limited
|
14-11159 |
(418,623.07
|
)
|
(231,960.52
|
)
|
(186,662.55
|
)
|
|||||||||
Genco Thunder LLC
|
14-11160 |
(497,022.40
|
)
|
(213,353.99
|
)
|
(283,668.41
|
)
|
|||||||||
Genco Tiberius Limited
|
14-11161 |
(688,402.53
|
)
|
(468,842.35
|
)
|
(219,560.18
|
)
|
|||||||||
Genco Titus Limited
|
14-11162 |
(707,631.05
|
)
|
(505,543.43
|
)
|
(202,087.62
|
)
|
|||||||||
Genco Vigour Limited
|
14-11163 |
(529,901.74
|
)
|
(218,811.31
|
)
|
(311,090.43
|
)
|
|||||||||
Genco Warrior Limited
|
14-11164 |
(234,542.19
|
)
|
-
|
(234,542.19
|
)
|
||||||||||
Genco Wisdom Limited
|
14-11165 |
(472,311.15
|
)
|
(249,478.59
|
)
|
(222,832.56
|
)
|
|||||||||
|
||||||||||||||||
Total Cash Disbursements
|
$
|
(47,691,048.37
|
)
|
$
|
(18,233,181.73
|
)
|
$
|
(29,457,866.64
|
)
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
Debtor
|
Case Number
|
Bank
|
Account Type
|
Bank Account No.
(Last 4 Digits)
|
Book Balances
|
|||||
Genco Acheron Limited
|
14-11115
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
$
|
-
|
||||
Genco Aquitaine Limited
|
14-11116
|
Deutsche Bank
|
Operating
|
XXXX2358
|
-
|
|||||
Genco Ardennes Limited
|
14-11119
|
Deutsche Bank
|
Operating
|
XXXX2331
|
-
|
|||||
Genco Augustus Limited
|
14-11121
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Auvergne Limited
|
14-11123
|
Deutsche Bank
|
Operating
|
XXXX2323
|
-
|
|||||
Genco Avra Limited
|
14-11125
|
Credit Agricole
|
Operating
|
XXXXXXX5447
|
2,060,155.62
|
|||||
Genco Bay Limited
|
14-11127
|
Credit Agricole
|
Operating
|
XXXXXXX6047
|
1,652,740.90
|
|||||
Genco Beauty Limited
|
14-11129
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Bourgogne Limited
|
14-11131
|
Deutsche Bank
|
Operating
|
XXXX1961
|
-
|
|||||
Genco Bourgogne Limited
|
14-11131
|
Deutsche Bank
|
Operating
|
XXXX7466
|
9,997,435.09
|
|||||
Genco Brittany Limited
|
14-11133
|
Deutsche Bank
|
Operating
|
XXXX2366
|
-
|
|||||
Genco Carrier Limited
|
14-11136
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Cavalier LLC
|
14-11137
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Challenger Limited
|
14-11140
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Champion Limited
|
14-11142
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Charger Limited
|
14-11144
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Claudius Limited
|
14-11146
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Commodus Limited
|
14-11148
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Constantine Limited
|
14-11114
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Explorer Limited
|
14-11118
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Hadrian Limited
|
14-11122
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Hunter Limited
|
14-11126
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
DnB Nor Bank ASA
|
Operating
|
XXXX2001
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
J.P Morgan Asset Management
|
Operating
|
XXXXXX3357
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
Credit Industrial et Commercial
|
Operating
|
XX3228
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Knight Limited
|
14-11130
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Languedoc Limited
|
14-11134
|
Deutsche Bank
|
Operating
|
XXXX2315
|
-
|
|||||
Genco Leader Limited
|
14-11139
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Loire Limited
|
14-11143
|
Deutsche Bank
|
Operating
|
XXXX1988
|
-
|
|||||
Genco London Limited
|
14-11150
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Lorraine Limited
|
14-11151
|
Deutsche Bank
|
Operating
|
XXXX1881
|
-
|
|||||
Genco Management (USA) LLC
|
14-11110
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
6,541,953.13
|
|||||
Genco Mare Limited
|
14-11153
|
Credit Agricole
|
Operating
|
XXXXXXX5147
|
2,465,435.54
|
|||||
Genco Marine Limited
|
14-11156
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Maximus Limited
|
14-11157
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Muse Limited
|
14-11113
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Normandy Limited
|
14-11117
|
Deutsche Bank
|
Operating
|
XXXX2024
|
-
|
|||||
Genco Ocean Limited
|
14-11120
|
Credit Agricole
|
Operating
|
XXXXXXX5747
|
1,611,578.32
|
|||||
Genco Picardy Limited
|
14-11124
|
Deutsche Bank
|
Operating
|
XXXX1996
|
-
|
|||||
Genco Pioneer Limited
|
14-11128
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Predator Limited
|
14-11132
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Progress Limited
|
14-11135
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Prosperity Limited
|
14-11138
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Provence Limited
|
14-11141
|
Deutsche Bank
|
Operating
|
XXXX2307
|
-
|
|||||
Genco Pyrenees Limited
|
14-11145
|
Deutsche Bank
|
Operating
|
XXXX2008
|
-
|
|||||
Genco Raptor LLC
|
14-11147
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco RE Investments LLC
|
14-11112
|
DnB Nor Bank ASA
|
Operating
|
XXXX4683
|
-
|
|||||
Genco Reliance Limited
|
14-11149
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Rhone Limited
|
14-11152
|
Deutsche Bank
|
Operating
|
XXXX2374
|
-
|
|||||
Genco Shipping & Trading Limited
|
14-11108
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
5,380,271.52
|
|||||
Genco Shipping & Trading Limited
|
14-11108
|
DnB Nor Bank ASA
|
Operating
|
XXXX0003
|
-
|
|||||
Genco Ship Management LLC
|
14-11109
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Spirit Limited
|
14-11154
|
Credit Agricole
|
Operating
|
XXXXXXX4847
|
2,636,354.79
|
|||||
Genco Success Limited
|
14-11155
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Sugar Limited
|
14-11158
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Surprise Limited
|
14-11159
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Thunder LLC
|
14-11160
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Tiberius Limited
|
14-11161
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Titus Limited
|
14-11162
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Vigour Limited
|
14-11163
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Warrior Limited
|
14-11164
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Wisdom Limited
|
14-11165
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Joint Vessel Account
|
Various
|
Deutsche Bank
|
Operating
|
XXXX8549
|
9,875,501.74
|
|||||
Genco Joint Vessel Account
|
Various
|
Deutsche Bank
|
Operating
|
XXXX2905
|
-
|
|||||
Genco Joint Vessel Account
|
Various
|
Deutsche Bank
|
Operating
|
XXXX9007
|
-
|
|||||
|
|
|
|
$
|
42,221,426.65
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
|
For the Month Ended
May 31, 2014
|
|||
Revenues:
|
|
|||
Voyage revenues
|
$
|
13,932,273
|
||
Service revenues
|
581,250
|
|||
|
||||
Total revenues
|
14,513,523
|
|||
|
||||
Operating expenses:
|
||||
Voyage expenses
|
795,833
|
|||
Vessel operating expenses
|
8,001,141
|
|||
General, administrative, and management fees
|
1,672,736
|
|||
Depreciation and amortization
|
10,662,187
|
|||
|
||||
Total operating expenses
|
21,131,897
|
|||
|
||||
Operating loss
|
(6,618,374
|
)
|
||
|
||||
Other (expense) income:
|
||||
Other expense
|
(8,937
|
)
|
||
Interest income
|
2,423
|
|||
Interest expense
|
(5,580,999
|
)
|
||
Reorganization items, net
|
(4,833,416
|
)
|
||
|
||||
Other expense
|
(10,420,929
|
)
|
||
|
||||
Loss before income taxes
|
(17,039,303
|
)
|
||
Income tax expense
|
(142,215
|
)
|
||
|
||||
Net loss
|
$
|
(17,181,518
|
)
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
|
May 31, 2014
|
||||
Assets
|
|
||||
Current assets:
|
|
||||
Cash and cash equivalents
|
$
|
33,266,257
|
|||
Restricted Cash
|
9,975,000
|
||||
Due from charterers, net
|
8,705,789
|
||||
Due from related parties
|
133,604
|
||||
Prepaid expenses and other current assets
|
20,717,441
|
||||
Total current assets
|
72,798,091
|
||||
|
|||||
Noncurrent assets:
|
|||||
Vessels, net
|
2,144,635,322
|
||||
Deferred drydock, net
|
13,390,005
|
||||
Deferred financing costs, net
|
16,064,816
|
||||
Fixed assets, net
|
3,989,501
|
||||
Other noncurrent assets
|
514,425
|
||||
Restricted cash
|
300,000
|
||||
Investments
|
57,784,439
|
||||
Investment in Baltic Trading Limited
|
75,000,000
|
||||
Total noncurrent assets
|
2,311,678,508
|
||||
|
|||||
Total assets
|
$
|
2,384,476,599
|
|||
|
|||||
Liabilities and Equity
|
|||||
Current liabilities:
|
|||||
Accounts payable and accrued expenses
|
$
|
23,157,825
|
|||
Deferred revenue
|
1,007,370
|
||||
Total current liabilities
|
24,165,195
|
||||
|
|||||
Noncurrent liabilities:
|
|||||
Long-term lease obligations
|
2,609,998
|
||||
Time charters acquired
|
23,499
|
||||
Liabilities subject to compromise
|
1,443,597,507
|
(A)
|
|||
Total noncurrent liabilities
|
1,446,231,004
|
||||
|
|||||
Total liabilities
|
1,470,396,199
|
||||
|
|||||
Total Equity
|
914,080,400
|
||||
|
|||||
Total liabilities and equity
|
$
|
2,384,476,599
|
|||
|
|
||||
(A)
|
Liabilities subject to compromise consist of the following:
|
||||
Debt under the 2007 Credit Facility
|
$
|
1,055,911,525
|
|||
|
Debt under the $100 Million Term Loan Facility
|
73,561,133
|
|||
|
Debt under the $253 Million Term Loan Facility
|
175,718,000
|
|||
|
Interest payable under the 2007 Credit Facility
|
13,198,894
|
|||
|
Interest rate swap
|
5,621,680
|
|||
|
Convertible senior note
|
117,473,412
|
|||
|
Bond coupon interest
|
1,104,972
|
|||
|
Lease obligation for prior office space
|
851,739
|
|||
|
Pre-petition accounts payable
|
156,152
|
|||
|
|
$
|
1,443,597,507
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
Federal
|
Beginning Tax
¹
|
Amount
Withheld
and/or
Accrued
|
Amount Paid
|
Ending Tax
¹
|
||||||||||||
Withholding
|
$
|
-
|
$
|
100,299.78
|
$
|
100,299.78
|
$
|
-
|
||||||||
FICA- employee
|
-
|
33,861.77
|
33,861.77
|
-
|
||||||||||||
FICA-Employer
|
-
|
33,752.20
|
33,752.20
|
-
|
||||||||||||
Unemployment
|
-
|
48.83
|
48.83
|
-
|
||||||||||||
Corporate
|
-
|
111,425.71
|
-
|
111,425.71
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Total Federal Taxes
|
-
|
279,388.29
|
167,962.58
|
111,425.71
|
||||||||||||
State and Local
|
||||||||||||||||
Withholding
|
-
|
39,273.10
|
39,273.10
|
-
|
||||||||||||
Sales
|
-
|
-
|
-
|
-
|
||||||||||||
Excise
|
-
|
-
|
-
|
-
|
||||||||||||
Unemployment
|
-
|
243.53
|
243.53
|
-
|
||||||||||||
Real Property
³
|
-
|
-
|
||||||||||||||
Personal Property
|
-
|
-
|
-
|
-
|
||||||||||||
Corporate - NYC
|
-
|
34,824.87
|
34,824.87
|
|||||||||||||
Corporate - NYS
|
(49,552.03
|
)
|
30,953.78
|
(18,598.25
|
)
|
|||||||||||
Other
|
(1,911.50
|
)
|
6,532.86
|
1,774.90
|
2,846.46
|
|||||||||||
Total State and Local
|
(51,463.53
|
)
|
111,828.14
|
41,291.53
|
19,073.07
|
|||||||||||
|
||||||||||||||||
Total Taxes
|
$
|
(51,463.53
|
)
|
$
|
391,216.42
|
$
|
209,254.11
|
$
|
130,498.78
|
|
|
Number of Days Past Due
|
|
|||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 91
|
Total
|
||||||||||||||||||
Accounts Payable
|
421,390.25
|
254,332.35
|
12,121.13
|
0.00
|
0.00
|
687,843.73
|
||||||||||||||||||
Wages Payable
|
0.00
|
|||||||||||||||||||||||
Taxes Payable
|
2,846.46
|
0.00
|
0.00
|
0.00
|
0.00
|
2,846.46
|
||||||||||||||||||
Rent/Leases-Building
|
0.00
|
|||||||||||||||||||||||
Rent/Leases-Equipment
|
908.69
|
0.00
|
0.00
|
0.00
|
0.00
|
908.69
|
||||||||||||||||||
Secured Debt/Adequate
Protection Payments
|
1,416,105.36
|
1,416,105.36
|
||||||||||||||||||||||
Professional Fees
|
754,404.60
|
0.00
|
12,861.06
|
0.00
|
0.00
|
767,265.66
|
||||||||||||||||||
Amounts Due to Insiders
|
287.00
|
273.64
|
764.99
|
0.00
|
0.00
|
1,325.63
|
||||||||||||||||||
Other:______________
|
0.00
|
|||||||||||||||||||||||
Total Post-petition Debts
|
2,595,942.36
|
254,605.99
|
25,747.18
|
0.00
|
0.00
|
2,876,295.53
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
Accounts Receivable Reconciliation
|
Amount
|
|||
Total Accounts Receivable at the beginning of the reporting period
|
$
|
8,383,786.60
|
||
Plus: Amounts billed during the period
|
12,981,991.38
|
|||
Less: Amounts collected during the period
|
(12,169,261.31
|
)
|
||
Total Accounts Receivable at the end of the reporting period
|
$
|
9,196,516.67
|
Accounts Receivable Aging
|
5/31/2014
|
|||
0 - 30 days old
|
$
|
7,179,554.67
|
||
31 - 60 days old
|
428,125.22
|
|||
61 - 90 days old
|
174,167.34
|
|||
91+ days old
|
1,414,669.44
|
|||
Total Accounts Receivable
|
$
|
9,196,516.67
|
||
|
||||
Less: Bad Debts (Amount considered uncollectible)
|
(490,728.04
|
)
|
||
|
||||
Net Accounts Receivable
|
$
|
8,705,788.63
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
INSIDERS
|
|||||||||
NAME
|
TYPE OF PAYMENT
|
AMOUNT PAID
|
TOTAL PAID TO DATE
|
||||||
Robert G. Buchanan
|
Salary
|
29,741.33
|
29,741.33
|
||||||
Robert G. Buchanan
|
Expense Reimbursement
|
6,121.82
|
6,121.82
|
||||||
John C. Wobensmith
|
Salary
|
32,532.17
|
32,532.17
|
||||||
Peter Georgiopoulos
|
Expense Reimbursement
|
136.24
|
136.24
|
||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
TOTAL PAYMENTS TO INSIDERS
|
$
|
68,531.56
|
$
|
68,531.56
|
PROFESSIONALS
|
||||||||||||||||||||
NAME
|
AMOUNT BILLED
|
AMOUNT PAID
|
TOTAL PAID TO DATE
|
TOTAL BILLED TO
DATE
|
TOTAL UNPAID
|
|||||||||||||||
Akin Gump Strauss Hauer & Feld LLP
|
681,102.21
|
266,090.89
|
266,090.89
|
681,102.21
|
415,011.32
|
|||||||||||||||
Blackstone Advisory Partners L.P.
|
108,620.69
|
108,620.69
|
108,620.69
|
108,620.69
|
-
|
|||||||||||||||
CMG Advisory Services LLC
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Curtis, Mallet-Prevost, Colt & Mosele LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Deloitte & Touche LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Deloitte Financial Advisory Services LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Houlihan Lokey Capital, Inc.
|
152,720.33
|
-
|
-
|
152,720.33
|
152,720.33
|
|||||||||||||||
Jefferies & Company, Inc.
|
125,895.94
|
125,895.94
|
125,895.94
|
125,895.94
|
-
|
|||||||||||||||
Joele Frank, Wilkinson Brimmer Katcher
|
7,759.50
|
4,042.90
|
4,042.90
|
7,759.50
|
3,716.60
|
|||||||||||||||
Kramer Levin Naftalis & Frankel LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Milbank, Tweed, Hadley & McCloy LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Orrick, Herrington & Sutcliffe LLP
|
182,956.35
|
-
|
-
|
182,956.35
|
182,956.35
|
|||||||||||||||
Paul, Weiss, Rifkind, Wharton & Garrison LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Poles, Tublin, Stratakis & Gonzalez, LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Rothschild, Inc.
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Seward & Kissel LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Sidley Austin LLP
¹
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Stephenson Harwood LLP
|
12,861.06
|
-
|
-
|
12,861.06
|
12,861.06
|
|||||||||||||||
The Garden City Group, Inc.
|
53,600.00
|
53,600.00
|
53,600.00
|
53,600.00
|
-
|
|||||||||||||||
Other
|
76,000.00
|
76,000.00
|
76,000.00
|
76,000.00
|
-
|
|||||||||||||||
TOTAL PAYMENTS TO PROFESSIONALS
|
$
|
1,401,516.08
|
$
|
634,250.42
|
$
|
634,250.42
|
$
|
1,401,516.08
|
$
|
767,265.66
|
NAME OF CREDITOR
|
SCHEDULED MONTHLY
PAYMENT DUE
|
AMOUNT PAID SINCE
PETITION DATE
|
||||||
DIP Principal
|
$
|
-
|
$
|
-
|
||||
DIP Interest
|
-
|
-
|
||||||
Interest on 2007 Credit Facility
|
-
|
12,628,664.91
|
||||||
Interest on Credit Agricole $100M
|
-
|
405,726.41
|
||||||
Interest on Deutsche bank $253M
|
-
|
1,436,154.45
|
||||||
Interest on DnB Swap $106M
|
-
|
1,128,433.48
|
||||||
Leases
|
-
|
196,266.43
|
||||||
Adequate Assurance Payments - Utilities
|
-
|
7,216.54
|
||||||
|
||||||||
TOTAL PAYMENTS
|
$
|
-
|
$
|
15,802,462.22
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
|
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.
|
Yes
|
No
|
1
|
Have any assets been sold or transferred outside the normal course of business this reporting period?
|
|
X
|
2
|
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
|
|
X
|
3
|
Is the Debtor delinquent in the timely filing of any post-petition tax returns?
|
|
X
|
4
|
Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?
|
|
X
|
5
|
Is the Debtor delinquent in paying any insurance premium payment?
|
|
X
|
6
|
Have any payments been made on pre-petition liabilities this reporting period?
|
X
|
|
7
|
Are any post petition receivables (accounts, notes or loans) due from related parties?
|
X
|
|
8
|
Are any post petition payroll taxes past due?
|
|
X
|
9
|
Are any post petition State or Federal income taxes past due?
|
|
X
|
10
|
Are any post petition real estate taxes past due?
|
|
X
|
11
|
Are any other post petition taxes past due?
|
|
X
|
12
|
Have any pre-petition taxes been paid during this reporting period?
|
|
X
|
13
|
Are any amounts owed to post petition creditors delinquent?
|
|
X
|
14
|
Are any wage payments past due?
|
|
X
|
15
|
Have any post petition loans been received by the Debtor from any party?
|
|
X
|
16
|
Is the Debtor delinquent in paying any U.S. Trustee fees?
|
|
X
|
17
|
Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?
|
|
X
|
18
|
Have the owners or shareholders received any compensation outside of the normal course of business?
|
|
X
|
6
|
The Debtors have made payments on account of pre-petition liabilities in accordance with Orders of the Bankruptcy Court specifically authorizing such payments.
|
7
|
The Debtors have approximately $134,000 in related party receivables from (a) Baltic Trading Limited, a subsidiary in which the Debtors owns a majority of the voting interests and exercises control;
|