Genco Wins Valuation Approval; OZM, Aurelius Capital Oppose
Bloomberg reported Genco Shipping & Trading won approval of its restructuring plan from a judge who sided with the company in a valuation dispute with shareholders seeking bigger payouts. The valuation was opposed by shareholders Och-Ziff Capital (OZM) Management Group and Aurelius Capital Partners, which argued that Blackstone Advisory Partners, which advised Genco, made incorrect assumptions about the company and industry to undercut some shareholders’ distributions, Bloomberg said.
According to Bloomberg , Genco’s claimed value of $1.36 billion to $1.44 billion, the cornerstone of its plan to exit Chapter 11 protection, was approved by U.S. Bankruptcy Judge Sean Lane in Manhattan.
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