0001140361-16-077297.txt : 20160819 0001140361-16-077297.hdr.sgml : 20160819 20160819163801 ACCESSION NUMBER: 0001140361-16-077297 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20160819 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20160819 DATE AS OF CHANGE: 20160819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENCO SHIPPING & TRADING LTD CENTRAL INDEX KEY: 0001326200 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33393 FILM NUMBER: 161843546 BUSINESS ADDRESS: STREET 1: 299 PARK AVENUE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10171 BUSINESS PHONE: (646) 443-8550 MAIL ADDRESS: STREET 1: 299 PARK AVENUE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10171 8-K 1 form8k.htm GENCO SHIPPING AND TRADING LIMITED 8-K 8-19-2016
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 

FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):  August 19, 2016 (August 19, 2016)
 
 
GENCO SHIPPING & TRADING LIMITED
(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands
  
001-33393
  
98-043-9758
(State or other jurisdiction of incorporation or organization)
  
(Commission file number)
  
(I.R.S. employer identification no.)

299 Park Avenue
12th Floor
(Address of principal executive offices)
  
10171
(Zip code)

Registrant’s telephone number, including area code:  (646) 443-8550
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ 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.
 
On August 19, 2016, Genco Shipping & Trading Limited (the “Company”) and certain of its subsidiaries entered into waiver agreements with ABN AMRO Capital USA LLC (“ABN AMRO”) in connection with the Loan Agreement dated October 8, 2014 (as amended) among Baltic Hornet Limited as Borrower, ABN AMRO as Agent, and the other parties thereto (the “Hornet Credit Facility”) and the Loan Agreement dated October 8, 2014 (as amended) among Baltic Wasp Limited as Borrower, ABN AMRO as Agent, and the other parties thereto (together with the Hornet Credit Facility, the “2014 Term Loan Facilities”).  The waiver agreements replace the waivers entered into on August 9, 2016 for the 2014 Term Loan Facilities pursuant to which the collateral maintenance covenants and the maximum leverage ratio covenants under the 2014 Term Loan Facilities were waived through October 15, 2016.  Pursuant to the waiver agreements, the collateral maintenance covenants and the maximum leverage ratio covenants under the 2014 Term Loan Facilities have been waived through October 15, 2016.  The waivers with respect to the maximum leverage ratio covenants are subject to the approval by September 2, 2016 of China Export & Credit Insurance Corporation (“Sinosure”), the insurer of the 2014 Term Loan Facilities.

Item 2.03          Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
 
The information set forth above under Item 1.01 is incorporated into this Item 2.03 by reference.
 
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SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
GENCO SHIPPING & TRADING LIMITED
   
 
DATE:  August 19, 2016
     
     
 
By
/s/ Apostolos Zafolias
   
Apostolos Zafolias
   
Chief Financial Officer
 
 
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