Genco committee of equity holders looks to employ financial adviser

By Kali Hays

New York, May 28 - Genco Shipping & Trading Ltd.'s official committee of equity security holders is seeking court authorization to hire Rothschild Inc. as its financial adviser and investment banker, according to a Tuesday application with the U.S. Bankruptcy Court for the Southern District of New York.

The committee asked that the hiring be made retroactive to May 9.

Rothschild's qualifications include its extensive experience in "providing high quality investment banking services to its debtors oand economic stakeholders" and its network if advisers that have experience in "domestic and cross-border restructurings, mergers and acquisitions, new capital raises and other financial advisory services," according to the application.

The firm will evaluate the assets, liabilities and financial standing of Genco, assist the committee in determining a capital structure for the company and represent it in negotiations.

Rothschild will receive a monthly fee of $150,000, a single completion fee of $2.25 million upon confirmation and effectiveness of a plan or asset sale and expense reimbursement.

Genco, a New York-based transporter of iron ore, coal, grain, steel products and other drybulk cargoes, filed bankruptcy on April 21 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 14-11108.

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