FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
GENCO SHIPPING & TRADING LTD [ GNK ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 10/17/2014 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock | 10/17/2014 | P | 100,000 | A | $14.5 | 1,868,917 | I | See Footnote(1)(2)(3) | ||
Common Stock | 2,753,389 | I | See Footnote(2)(4) | |||||||
Common Stock | 365,031 | I | See Footnote(2)(5) | |||||||
Common Stock | 2,652,581 | I | See Footnote(2)(6) |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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Explanation of Responses: |
1. The reported securities are held directly by Strategic Value Special Situations Master Fund III, L.P., and may be deemed to be held indirectly by Strategic Value Partners, LLC (""Strategic Value Partners""), SVP Special Situations III LLC (""Special Situations III""), as investment manager, and Victor Khosla (""Mr. Khosla"" and together with Strategic Value Partners and Special Situations III the ""Reporting Persons""), as the sole member of Midwood Holdings, LLC, the managing member of Strategic Value Partners, in each case as described below. |
2. The filing of this Form 4 shall not be construed as an admission that the Reporting Persons are or were for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owners of any of the shares of common stock, of Genco Shipping & Trading Limited (the "Issuer"). Pursuant to Rule 16a-1, the Reporting Persons disclaim such beneficial ownership, except to the extent of their pecuniary interest. |
3. Special Situations III is the investment manager of, and exercises investment discretion over, Strategic Value Special Situations Master Fund III, L.P., a Cayman Islands exempted limited partnership. Strategic Value Partners is the managing member of Special Situations III. Strategic Value Partners and Special Situations III are both indirectly majority owned and controlled by Mr. Khosla. |
4. Strategic Value Special Situations Master Fund II, L.P., a Cayman Islands exempted partnership ("Master Fund II"), holds 2,753,389 shares of Common Stock of the Issuer. Strategic Value Partners is the managing member of SVP Special Situations II LLC ("Special Situations II"), the investment manager of Master Fund II. Strategic Value Partners and Special Situations II are both indirectly majority owned and controlled by Mr. Khosla. |
5. Strategic Value Special Situations Offshore Fund III-A, L.P., a Cayman Islands exempted partnership (the "Offshore Fund"), holds 365,031 shares of Common Stock of the Issuer. Strategic Value Partners is the managing member of SVP Special Situations III-A LLC ("Special Situations III-A"), the investment manager of the Offshore Fund. Strategic Value Partners and Special Situations III-A are both indirectly majority owned and controlled by Mr. Khosla. |
6. Strategic Value Master Fund, Ltd., a Cayman Islands exempted company (the "Master Fund"), holds 2,652,581 shares of Common Stock of the Issuer. Strategic Value Partners is the investment manager of the Master Fund. Strategic Value Partners is indirectly majority owned and controlled by Mr. Khosla. |
Remarks: |
Stategic Value Partners, LLC /s/ Lewis Schwartz Name: Lewis Schwartz Title: Chief Financial Officer | 10/21/2014 | |
SVP Special Situations III, LLC /s/ Lewis Schwartz Name: Lewis Schwartz Title: Chief Financial Officer | 10/21/2014 | |
Victor Khosla /s/ Victor Khosla | 10/21/2014 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |