Genco Shipping &Trading may soon insolvency proceedings?

New York based Genco Shipping &Trading owned by Peter Georgiopoulos whom is also controlling sister company Baltic Trading. Greek tycoon Peter Georgiopoulos is back in talks with its lenders over yet another financial restructuring and failure to comply with several key loan covenants, were disclosed within the body of its quarterly earnings report and again in an annual report within the past week. Great concern and warnings from company auditors. Genco Shipping &Trading is the second New York listed bulker company to go through a Chapter 11 bankruptcy reorganisation in 2014 only to be in bank trouble again by the first few months of 2016 after Eagle Bulk Shipping. Genco presi— dent Genco Shipping &Trading’s CEO John Wobensmith still keeps good and a productive relationship with commercial banks. Genco Shipping &Trading is within a grace period until 11 April 2016. Genco Shipping &Trading operates 70 bulk carriers.