Creditors give Genco a few more weeks

Genco Shipping, headed by Greek Peter Georgiopoulos, is fighting to avoid a total collapse, and now the carrier has won a little extra time in the negotiations with its creditors.

Dry bulk carrier Genco Shipping & Trading is fighting to avoid bankruptcy, and now the company has won a little more time - a few weeks - to negotiate with its creditors, said Genco on Monday.

Genco, which is listed on the New York Stock Exchange, contacted equity fund Blackstone in February, looking for consulting in relation to a corporate restructuring, and in an effort to avoid a protracted and costly Chapter 11 process.

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