Genco gets interim access to cash collateral; final hearing May 14

By Caroline Salls

Pittsburgh, April 23 - Genco Shipping & Trading Ltd. received interim court approval to use the cash collateral of its pre-bankruptcy secured parties to fund its operations while in bankruptcy, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for May 14.

As previously reported, Genco expects cash on hand, cash from operating activities and cash made available under the cash collateral order to be sufficient to fund its projected cash needs during its financial restructuring.

As a result, the company said it does not intend to seek debtor-in-possession financing.

Genco, a New York-based transporter of iron ore, coal, grain, steel products and other drybulk cargoes, filed bankruptcy on April 21. The Chapter 11 case number is 14-11108.

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