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Genco exits Chapter 11 bankruptcy protection

By Washington Examiner
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NEW YORK (AP) — Drybulk shipper Genco Shipping emerged from Chapter 11 bankruptcy reorganization.

The company says it reduced its debt by $1.2 billion while eliminating $192.8 million in amortization payments and $40 million in annual interest payments. Genco also says it got $100 million in new capital through a rights offering.

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