Genco Shipping & Trading gained a couple more weeks

Genco Shipping & Trading has gained breathing room in its efforts to avoid defaulting on covenants.
Genco Shipping & Trading’s lenders extended waivers until October 15, 2016 from the previous September 30, 2016 deadline. Genco Shipping & Trading is trying to buy time to make a second run at an equity raise of $63 million which the equity is a prerequisite for a new $400 million term loan conditionally approved by banks. Genco Shipping & Trading previously failed in its first effort to raise the funds in June 2016.