Attached files
file | filename |
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8-K - GENCO SHIPPING & TRADING LIMITED 8-K 6-23-2014 - GENCO SHIPPING & TRADING LTD | form8k.htm |
EX-10.1 - EXHIBIT 10.1 - GENCO SHIPPING & TRADING LTD | ex10_1.htm |
Exhibit 99.1
KRAMER LEVIN NAFTALIS & FRANKEL LLP
Kenneth H. Eckstein
Adam C. Rogoff
Stephen D. Zide
Anupama Yerramalli
1177 Avenue of the Americas
New York, New York 10036
Telephone: (212) 715-9100
Facsimile: (212) 715-8000
Counsel for the Debtors and Debtors in Possession
UNITED STATES BANKRUPTCY COURT
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SOUTHERN DISTRICT OF NEW YORK
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x
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:
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In re:
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:
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Chapter 11
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:
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GENCO SHIPPING & TRADING LIMITED, et al.,
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:
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Case No. 14-11108 (SHL)
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:
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:
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Debtors.
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:
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Jointly Administered
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x
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CONSOLIDATED MONTHLY OPERATING REPORT
FOR THE PERIOD APRIL 21, 2014 THROUGH MAY 31, 2014
1
Global Notes to the Debtors’ Monthly Operating Report
1. | Introduction. |
On April 21, 2014 (the “Petition Date”) Genco Shipping & Trading Limited (“Genco”), and its affiliated debtors in the above-referenced chapter 11 cases (collectively, the “Chapter 11 Cases”), as debtors and debtors-in-possession (collectively, the “Debtors” or the “Company”), filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors are operating their business and managing their property as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. No trustee or examiner has been appointed in these Chapter 11 Cases. On May 9, 2014, the United States Trustee for the Southern District of New York appointed a statutory committee of equity security holders to section 1102(a)(1) of the Bankruptcy Code.
2. | Consolidated Reports. |
On April 23, 2014, the Bankruptcy Court entered an order directing procedural consolidation and joint administration of these Chapter 11 Cases [Docket No. 29] (the “Joint Administration Order”). Pursuant to discussions with the Office of the United States Trustee, the Debtors are filing their monthly operating reports on a consolidated basis.
For financial reporting purposes, the Debtors and their non-debtor affiliates (the “Non-Debtors”) historically prepared financial statements on a consolidated basis. Unlike those consolidated financial statements, this Monthly Operating Report reflects the Debtors’ reasonable efforts to report financial information and the disbursements of each of the Debtors on a non-consolidated basis, and, accordingly, does not include financial information relating to the Non-Debtors.
The disbursements reported on MOR-1 reflect the Debtors’ reasonable efforts to report disbursements made on behalf of a Debtor by another Debtor or Non-Debtor as if such a disbursement was actually made by the Debtor on whose behalf the disbursement was made. For example, payments relating to a vessel owned by one Debtor may have been made by a Non-Debtor or another Debtor and, as such, the payment has been listed as if made by the vessel owning Debtor. Nothing herein constitutes an admission that the Debtor entity is the obligor of such payment, and the Debtors reserve all rights to reclassify any disbursement, payment, or obligation as belonging to another entity.
3. | GAAP. |
The financial statements and supplemental information contained herein are preliminary, unaudited, and may not comply with generally accepted accounting
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principles in the United States of America (“GAAP”) in all material respects. In addition, the financial statements and supplemental information contained herein represent the condensed, combined information for all Debtor entities only and exclude all non-Debtor affiliates. The financial statements and supplemental information contained herein are currently being reviewed and remain subject to year-end audit and other adjustments.
The unaudited combined financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information presented in accordance with GAAP, and upon application of such procedures (such as tests for asset impairment), the Debtors believe that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments but does not include all adjustments that would typically be made for financial statements presented in accordance with GAAP.
4. | Prepetition Financial Reporting. |
Genco is a publicly-held corporation, the common shares of which traded prior to the Petition Date on the New York Stock Exchange under the symbol “GNK” and currently trade in the over-the-counter market under the symbol “GNKOQ.” For financial reporting purposes, Genco prepares consolidated quarterly and annual financial statements, including the Debtors and the Non-Debtors, that are filed with the U.S. Securities and Exchange Commission (the “SEC”). The quarterly financial statements are unaudited and the annual financial statements are audited. Unlike the consolidated financial statements, the financial information reported in this Monthly Operating Report has not been prepared in accordance with GAAP and does not include financial information regarding the Non-Debtors (except to the extent a disbursement has been made by a Non-Debtor on behalf of a Debtor). In addition, this Monthly Operating Report does not include information that may be relevant to the time period covered by this Monthly Operating Report but is currently unknown to the Debtors and may become known in the future. Accordingly, the financial statements contained in this Monthly Operating Report do not purport to be prepared in accordance with GAAP, nor are they intended to fully reconcile to or be comparable with the financial statements filed by Genco with the SEC.
5. | General Methodology. |
The Debtors prepared this Monthly Operating Report relying primarily upon the information set forth in their books and records. Consequently, certain transactions that are not identified in the normal course of business in the Debtors’ books and records may not be included in this Monthly Operating Report. Nevertheless, in preparing this Monthly Operating Report, the Debtors made reasonable efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been identified therein.
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This Monthly Operating Report covers the reporting period of April 21, 2014 through May 31, 2014 and includes disbursements for that period. Pursuant to discussions with the Office of the United States Trustee, the Monthly Operating Report does not contain income statement information for the period of April 21, 2014 through April 30, 2014 due to the administrative burden preparing that information would cause on the estates. For the same reason, the Accounts Receivable Reconciliation and Aging Monthly Operating Report covers May 1, 2014 through May 31, 2014, with April 30, 2014 as the starting point.
6. | Past Performance. |
The results of operations reported in this Monthly Operating Report are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.
7. | Prepetition vs. Postpetition Liabilities. |
The Debtors allocated liabilities between the prepetition and postpetition periods based on the information available and research conducted in connection with the preparation of this Monthly Operating Report. As additional information becomes available and further research is conducted, the Debtors’ allocation of liabilities between the prepetition and postpetition periods may change. The liability information, except as otherwise noted, is listed as of the close of business as of the end of the month. Accordingly, the Debtors reserve all rights to amend, supplement or otherwise modify this Monthly Operating Report as necessary and appropriate, but shall be under no obligation to do so.
The Debtors have paid certain undisputed prepetition liabilities in accordance with orders approved by the Bankruptcy Court authorizing such payments. The Debtors believe that all undisputed postpetition accounts payable have been and are being paid according to agreed-upon terms specific to each vendor and/or service provider. Any aged amounts represent items subject to valid disputes, and certain items which have been paid subsequent to the end of the reporting period.
Specifically, the accounts payable of $3,141,736 due on May 31, 2014 to third-party technical ship managers has been excluded from the Summary of Unpaid Postpetition Debts. The Debtors are unable to determine the allocation between prepetition and postpetition amounts owing to these technical ship managers because the reconciliation of invoices occurs over the course of several months. The Debtors are authorized to make ongoing payment upon reconciliation pursuant to order of the Court. Therefore, these payments have been included in the Schedule of Cash Receipts and Disbursement for the reporting period.
In addition, the liabilities reported in this Monthly Operating Report do not reflect any analysis conducted by the Debtors regarding potential claims under
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section 503(b)(9) of the Bankruptcy Code. Accordingly, the Debtors reserve any and all of their rights to dispute or challenge the validity of any claims asserted under section 503(b)(9) of the Bankruptcy Code or the characterization of the structure of any transaction, document or instrument related to any creditor’s claim.
8. | Net Book Value of Assets. |
Unless otherwise indicated, the values for assets contained in this Monthly Operating Report are stated as net book values as of the end of the month prepared to comply with GAAP in accordance with the Debtors’ past practices. As noted below, the values do NOT reflect the fair market value of the Debtors’ assets and other evidence submitted by the Debtors in support of confirmation of their First Amended Prepackaged Plan of Reorganization of the Debtors Pursuant to Chapter 11 of the Bankruptcy Code (the “Prepack Plan”). As noted, in support of the Prepack Plan, the Debtors submitted evidence, including as relates to valuation, reflecting the Debtors’ position that they are insolvent.
It is the Debtors’ policy to present the value of vessels at their cost less accumulated depreciation. Depreciation expense for vessels is calculated on a straight line basis over their estimated useful lives, determined to be 25-years from the date of initial delivery from the shipyard for net book value purposes. Consequently, amounts ultimately realized from the disposition of the Debtors’ assets are expected to materially vary from the stated net book value. Thus, unless otherwise noted, this Monthly Operating Report reflects the carrying values of the assets as recorded on the Debtors’ books and records as of the end of the month in accordance with GAAP only. The book value of the assets as stated in accordance with GAAP is currently higher than the market value of the assets.
Consistent with the Debtors’ accounting policies, Genco Investments LLC’s interest in the capital stock of Baltic Trading Limited and investment in the capital stock of Jinhui Shipping and Transportation Limited are reported at historical cost and fair value, respectively. Genco Success Limited’s investment in the capital stock of Korea Line Corporation is reported at fair value.
9. | Intercompany Transactions. |
Intercompany transactions among the Debtors, as well as between the Debtors and the Non-Debtors, include ordinary course intercompany cash transfers, payments made and/or funded on behalf of the other entities and investments in subsidiaries. The intercompany balances due to/from Debtor entities have been eliminated in the accompanying combined balance sheet. Intercompany transactions between the Debtor entities have similarly been eliminated in the accompanying interim condensed, combined statement of operations and balance sheet.
10. | Payments to Insiders. |
In addition to the payments to insiders disclosed on MOR-6, the Debtors may make distributions to creditors that have common directors with the Debtors (collectively, the “Associated Entities”) during the relevant reporting period. In preparing the Schedules and Statements, the Debtors endeavored to identify all such Associated Entities. Because the Associated Entities do not meet the definition of “insider” as defined in section 101(31) of the Bankruptcy Code, any payments to the Associated Entities are not disclosed on MOR-6.
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11. | Payments to Professionals. |
The Debtors have disclosed amounts billed by professionals compensated by the Debtors’ estate on MOR-6 to the extent that the Debtors have received invoices for such services during the relevant reporting period. Any unbilled amounts by professionals will be included in subsequent Monthly Operating Reports.
12. | Liabilities Subject to Compromise |
On April 30, 2014, DNB Bank ASA (“DNB”) terminated its swap agreement with the Debtors. The Debtors have received a proof of claim from DNB, in which it seeks secured status, in the amount of $5,621,680. The Debtors are evaluating this claim and, for the purposes of this Monthly Operating Report, the claimed amount is included within Liabilities Subject to Compromise. The amount recorded is subject to change and further reconciliation as the Debtors evaluate the claim. The presentation within this Monthly Operating Report does not constitute an admission or waiver of any rights or claims of the Debtors to challenge claim amount.
13. | Liabilities Not Subject to Compromise. |
As a result of the commencement of these Chapter 11 Cases, the payment of prepetition indebtedness is subject to compromise or other treatment under a chapter 11 plan. Generally, actions to enforce or otherwise effect payment of pre-commencement liabilities are stayed. Although payment of prepetition claims generally is not permitted, the Bankruptcy Court has entered several orders authorizing the Debtors to pay certain prepetition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of the Debtors’ businesses and assets. To the extent such claims have not been categorized as “Liabilities Subject to Compromise,” the Debtors reserve their right to dispute their obligation to make such payments.
The Debtors have been paying and intend to continue to pay undisputed postpetition claims in the ordinary course of business.
14. | Reservation of Rights. |
Given the complexity of the Debtors’ business, inadvertent errors, omissions or over-inclusion of contracts or leases may have occurred. Accordingly, the Debtors hereby reserve all of their rights to dispute the validity, status, enforceability, or executory nature of any claim amount, representation or other statement in this Monthly Operating Report and reserve the right to amend or supplement this Monthly Operating Report, if necessary, but shall be under no obligation to do so.
Nothing contained in this Monthly Operating Report shall constitute a waiver of the Debtors’ rights or an admission with respect to these Chapter 11 Cases, including with respect to any issues involving the Debtors’ ownership interests,
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substantive consolidation, equitable subordination, defenses and/or causes of action arising under the provisions of chapter 5 of the Bankruptcy Code, and any other relevant non-bankruptcy laws.
7
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
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X
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In re:
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:
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Chapter 11
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GENCO SHIPPING & TRADING LIMITED, et al.
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:
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:
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Case No.
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14-11108
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:
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Debtors
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:
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Joint Administration Proceeding
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X
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Monthly Operating Report for the Period
From May 1, 2014 through May 31, 2014
Debtors' Address:
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299 Park Avenue, 12th Floor
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New York, NY 10171
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Debtors' Attorneys:
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Kramer Levin Naftalis & Frankel LP
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1177 Avenue of the Americas
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New York, NY 10036
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
/s/ John C. Wobensmith
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June 27, 2014
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John C. Wobensmith
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Date
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Chief Financial Officer
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Genco Shipping & Trading Limited
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UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re
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GENCO SHIPPING & TRADING LIMITED, et al.
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Case No.
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14-11108
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Debtor
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Reporting Period:
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MAY 2014
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Federal Tax I.D. #
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98-0439758
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REQUIRED DOCUMENTS
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Form No.
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Document Attached
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Explanation Attached
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Schedule of Cash Receipts and Disbursements
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MOR-1
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X
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Bank Reconciliation (or copies of debtor's bank reconciliations)
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MOR-1 (CON'T)
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X
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Copies of bank statements
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X
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Cash disbursements journals
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X
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Statement of Operations
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MOR-2
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X
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Balance Sheet
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MOR-3
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X
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Status of Post-petition Taxes ¹
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MOR-4
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X
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Copies of IRS Form 6123 or payment receipt
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X
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Copies of tax returns filed during reporting period
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X
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Summary of Unpaid Post-petition Debts
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MOR-4
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X
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Listing of Aged Accounts Payable
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X
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Accounts Receivable Reconciliation and Aging
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MOR-5
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X
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Taxes Reconciliation and Aging
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MOR-5
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X
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Payments to Insiders and Professional
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MOR-6
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X
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Post Petition Status of Secured Notes, Leases Payable
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MOR-6
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X
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Debtor Questionnaire
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MOR-7
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X
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1 - For status of post-petition tax payments, see disclosures as noted on MOR-4. Due to the level of detailed records, (i) copies of IRS Form 6123 or payment receipts; (ii) copies of tax returns filed during the reporting period and (iii) a taxes reconciliation and aging schedule will be made available upon request.
In re
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GENCO SHIPPING & TRADING LIMITED, et al.
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Case No.
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14-11108
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Debtor
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Reporting Period:
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MAY 2014
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NOTES TO MONTHLY OPERATING REPORT
The Monthly Operating Report includes activity from the following Debtors:
Debtor
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Case Number
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Genco Acheron Limited
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14-11115
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Genco Aquitaine Limited
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14-11116
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Genco Ardennes Limited
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14-11119
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Genco Augustus Limited
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14-11121
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Genco Auvergne Limited
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14-11123
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Genco Avra Limited
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14-11125
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Genco Bay Limited
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14-11127
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Genco Beauty Limited
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14-11129
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Genco Bourgogne Limited
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14-11131
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Genco Brittany Limited
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14-11133
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Genco Carrier Limited
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14-11136
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Genco Cavalier LLC
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14-11137
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Genco Challenger Limited
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14-11140
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Genco Champion Limited
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14-11142
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Genco Charger Limited
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14-11144
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Genco Claudius Limited
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14-11146
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Genco Commodus Limited
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14-11148
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Genco Constantine Limited
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14-11114
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Genco Explorer Limited
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14-11118
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Genco Hadrian Limited
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14-11122
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Genco Hunter Limited
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14-11126
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Genco Investments LLC
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14-11111
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Genco Knight Limited
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14-11130
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Genco Languedoc Limited
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14-11134
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Genco Leader Limited
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14-11139
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Genco Loire Limited
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14-11143
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Genco London Limited
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14-11150
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Genco Lorraine Limited
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14-11151
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Genco Management (USA) LLC
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14-11110
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Genco Mare Limited
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14-11153
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Genco Marine Limited
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14-11156
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Genco Maximus Limited
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14-11157
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Genco Muse Limited
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14-11113
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Genco Normandy Limited
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14-11117
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Genco Ocean Limited
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14-11120
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Genco Picardy Limited
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14-11124
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Genco Pioneer Limited
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14-11128
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Genco Predator Limited
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14-11132
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Genco Progress Limited
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14-11135
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Genco Prosperity Limited
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14-11138
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Genco Provence Limited
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14-11141
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Genco Pyrenees Limited
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14-11145
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Genco Raptor LLC
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14-11147
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Genco RE Investments LLC
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14-11112
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Genco Reliance Limited
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14-11149
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Genco Rhone Limited
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14-11152
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Genco Shipping & Trading Limited
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14-11108
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Genco Ship Management LLC
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14-11109
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Genco Spirit Limited
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14-11154
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Genco Success Limited
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14-11155
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Genco Sugar Limited
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14-11158
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Genco Surprise Limited
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14-11159
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Genco Thunder LLC
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14-11160
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Genco Tiberius Limited
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14-11161
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Genco Titus Limited
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14-11162
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Genco Vigour Limited
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14-11163
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Genco Warrior Limited
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14-11164
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Genco Wisdom Limited
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14-11165
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In re
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GENCO SHIPPING & TRADING LIMITED, et al.
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Case No.
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14-11108
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Debtor
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Reporting Period:
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APRIL 21, 2014 - MAY 31, 2014
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SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Debtor
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Case Number
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Total Receipts
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Intercompany
Receipts (1)
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Receipts Excluding Intercompany
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||||||||||||
Genco Acheron Limited
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14-11115 |
$
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367,372.35
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$
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3,512.82
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$
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363,859.53
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Genco Aquitaine Limited
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14-11116 |
717,681.46
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301,500.00
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416,181.46
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Genco Ardennes Limited
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14-11119 |
247,265.00
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-
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247,265.00
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||||||||||||
Genco Augustus Limited
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14-11121 |
486,161.96
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9,337.76
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476,824.20
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Genco Auvergne Limited
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14-11123 |
248,644.39
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19,957.14
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228,687.25
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Genco Avra Limited
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14-11125 |
962,632.66
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619,044.24
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343,588.42
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Genco Bay Limited
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14-11127 |
366,239.74
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-
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366,239.74
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Genco Beauty Limited
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14-11129 |
255,103.50
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1,242.69
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253,860.81
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Genco Bourgogne Limited
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14-11131 |
3,634,251.66
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3,181,779.12
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452,472.54
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Genco Brittany Limited
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14-11133 |
178,461.89
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-
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178,461.89
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Genco Carrier Limited
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14-11136 |
29,510.45
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2,887.40
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26,623.05
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Genco Cavalier LLC
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14-11137 |
245,203.00
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64.00
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245,139.00
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Genco Challenger Limited
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14-11140 |
342,721.98
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76.00
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342,645.98
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Genco Champion Limited
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14-11142 |
335,978.10
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64.00
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335,914.10
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Genco Charger Limited
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14-11144 |
322,151.11
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576.01
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321,575.10
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Genco Claudius Limited
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14-11146 |
507,429.09
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10,604.16
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496,824.93
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Genco Commodus Limited
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14-11148 |
458,423.00
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5,526.67
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452,896.33
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||||||||||||
Genco Constantine Limited
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14-11114 |
471,210.65
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100.00
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471,110.65
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||||||||||||
Genco Explorer Limited
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14-11118 |
278,466.49
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52.00
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278,414.49
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||||||||||||
Genco Hadrian Limited
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14-11122 |
686,060.56
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240,759.06
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445,301.50
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||||||||||||
Genco Hunter Limited
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14-11126 |
449,077.71
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3,891.99
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445,185.72
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||||||||||||
Genco Investments LLC
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14-11111 |
1,435.28
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1,148.40
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286.88
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||||||||||||
Genco Knight Limited
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14-11130 |
104,981.08
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22,586.27
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82,394.81
|
||||||||||||
Genco Languedoc Limited
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14-11134 |
285,368.14
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-
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285,368.14
|
||||||||||||
Genco Leader Limited
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14-11139 |
520,360.10
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88.00
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520,272.10
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||||||||||||
Genco Loire Limited
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14-11143 |
-
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-
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-
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||||||||||||
Genco London Limited
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14-11150 |
301,546.62
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76.00
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301,470.62
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||||||||||||
Genco Lorraine Limited
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14-11151 |
328,968.75
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-
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328,968.75
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||||||||||||
Genco Management (USA) LLC
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14-11110 |
981,481.40
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-
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981,481.40
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||||||||||||
Genco Mare Limited
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14-11153 |
389,728.97
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-
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389,728.97
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||||||||||||
Genco Marine Limited
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14-11156 |
290,489.61
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339.61
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290,150.00
|
||||||||||||
Genco Maximus Limited
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14-11157 |
465,780.54
|
12,674.65
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453,105.89
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||||||||||||
Genco Muse Limited
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14-11113 |
827,296.32
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64.00
|
827,232.32
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||||||||||||
Genco Normandy Limited
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14-11117 |
158,309.92
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-
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158,309.92
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||||||||||||
Genco Ocean Limited
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14-11120 |
232,112.06
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-
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232,112.06
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||||||||||||
Genco Picardy Limited
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14-11124 |
412,545.46
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-
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412,545.46
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||||||||||||
Genco Pioneer Limited
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14-11128 |
444,552.03
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1,212.00
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443,340.03
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||||||||||||
Genco Predator Limited
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14-11132 |
287,012.31
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14,859.25
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272,153.06
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||||||||||||
Genco Progress Limited
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14-11135 |
312,149.90
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52.00
|
312,097.90
|
||||||||||||
Genco Prosperity Limited
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14-11138 |
143,514.78
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76.00
|
143,438.78
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||||||||||||
Genco Provence Limited
|
14-11141 |
241,403.18
|
-
|
241,403.18
|
||||||||||||
Genco Pyrenees Limited
|
14-11145 |
431,704.09
|
7,312.50
|
424,391.59
|
||||||||||||
Genco Raptor LLC
|
14-11147 |
398,148.53
|
84,999.15
|
313,149.38
|
||||||||||||
Genco RE Investments LLC
|
14-11112 |
-
|
-
|
-
|
||||||||||||
Genco Reliance Limited
|
14-11149 |
2,552.00
|
2,552.00
|
-
|
||||||||||||
Genco Rhone Limited
|
14-11152 |
279,996.23
|
-
|
279,996.23
|
||||||||||||
Genco Shipping & Trading Limited
|
14-11108 |
13,213,267.24
|
13,194,892.29
|
18,374.95
|
||||||||||||
Genco Ship Management LLC
|
14-11109 |
145,056.30
|
145,056.30
|
-
|
||||||||||||
Genco Spirit Limited
|
14-11154 |
250,413.43
|
-
|
250,413.43
|
||||||||||||
Genco Success Limited
|
14-11155 |
781,914.44
|
296,064.00
|
485,850.44
|
||||||||||||
Genco Sugar Limited
|
14-11158 |
506,785.68
|
2,012.44
|
504,773.24
|
||||||||||||
Genco Surprise Limited
|
14-11159 |
256,317.46
|
20,874.00
|
235,443.46
|
||||||||||||
Genco Thunder LLC
|
14-11160 |
216,839.76
|
3,485.77
|
213,353.99
|
||||||||||||
Genco Tiberius Limited
|
14-11161 |
478,004.53
|
9,098.18
|
468,906.35
|
||||||||||||
Genco Titus Limited
|
14-11162 |
512,310.05
|
4,767.17
|
507,542.88
|
||||||||||||
Genco Vigour Limited
|
14-11163 |
224,764.00
|
5,952.69
|
218,811.31
|
||||||||||||
Genco Warrior Limited
|
14-11164 |
88.00
|
88.00
|
-
|
||||||||||||
Genco Wisdom Limited
|
14-11165 |
251,354.59
|
1,876.00
|
249,478.59
|
||||||||||||
|
||||||||||||||||
Total Cash Receipts
|
$
|
36,268,599.53
|
$
|
18,233,181.73
|
$
|
18,035,417.80
|
Notes
(1) Intercompany Receipts includes transfers from Debtor entities. No transfers from non-Debtor entities are included in these amounts.
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Debtor
|
Case Number
|
Total Disbursements (1)
|
Intercompany
Disbursements (2)
|
Disbursements Excluding
Intercompany
|
||||||||||||
Genco Acheron Limited
|
14-11115 |
$
|
(753,852.75
|
)
|
$
|
(363,859.53
|
)
|
$
|
(389,993.22
|
)
|
||||||
Genco Aquitaine Limited
|
14-11116 |
(926,510.65
|
)
|
(416,181.46
|
)
|
(510,329.19
|
)
|
|||||||||
Genco Ardennes Limited
|
14-11119 |
(396,275.09
|
)
|
(242,715.00
|
)
|
(153,560.09
|
)
|
|||||||||
Genco Augustus Limited
|
14-11121 |
(708,844.96
|
)
|
(476,824.20
|
)
|
(232,020.76
|
)
|
|||||||||
Genco Auvergne Limited
|
14-11123 |
(496,295.44
|
)
|
(228,687.25
|
)
|
(267,608.19
|
)
|
|||||||||
Genco Avra Limited
|
14-11125 |
(1,027,905.98
|
)
|
(800,750.39
|
)
|
(227,155.59
|
)
|
|||||||||
Genco Bay Limited
|
14-11127 |
(308,123.00
|
)
|
(142,895.00
|
)
|
(165,228.00
|
)
|
|||||||||
Genco Beauty Limited
|
14-11129 |
(429,285.39
|
)
|
(252,624.28
|
)
|
(176,661.11
|
)
|
|||||||||
Genco Bourgogne Limited
|
14-11131 |
(1,539,525.91
|
)
|
(984,629.41
|
)
|
(554,896.50
|
)
|
|||||||||
Genco Brittany Limited
|
14-11133 |
(353,320.89
|
)
|
(178,461.89
|
)
|
(174,859.00
|
)
|
|||||||||
Genco Carrier Limited
|
14-11136 |
(240,387.66
|
)
|
(26,623.05
|
)
|
(213,764.61
|
)
|
|||||||||
Genco Cavalier LLC
|
14-11137 |
(519,761.03
|
)
|
(245,139.00
|
)
|
(274,622.03
|
)
|
|||||||||
Genco Challenger Limited
|
14-11140 |
(511,852.35
|
)
|
(342,645.98
|
)
|
(169,206.37
|
)
|
|||||||||
Genco Champion Limited
|
14-11142 |
(514,184.47
|
)
|
(335,914.10
|
)
|
(178,270.37
|
)
|
|||||||||
Genco Charger Limited
|
14-11144 |
(493,860.91
|
)
|
(319,563.06
|
)
|
(174,297.85
|
)
|
|||||||||
Genco Claudius Limited
|
14-11146 |
(757,489.14
|
)
|
(496,824.93
|
)
|
(260,664.21
|
)
|
|||||||||
Genco Commodus Limited
|
14-11148 |
(625,762.00
|
)
|
(452,896.33
|
)
|
(172,865.67
|
)
|
|||||||||
Genco Constantine Limited
|
14-11114 |
(690,817.65
|
)
|
(471,110.65
|
)
|
(219,707.00
|
)
|
|||||||||
Genco Explorer Limited
|
14-11118 |
(441,187.08
|
)
|
(278,414.49
|
)
|
(162,772.59
|
)
|
|||||||||
Genco Hadrian Limited
|
14-11122 |
(1,041,254.56
|
)
|
(445,213.50
|
)
|
(596,041.06
|
)
|
|||||||||
Genco Hunter Limited
|
14-11126 |
(566,659.14
|
)
|
(445,185.72
|
)
|
(121,473.42
|
)
|
|||||||||
Genco Investments LLC
|
14-11111 |
(1,435.36
|
)
|
(1,353.36
|
)
|
(82.00
|
)
|
|||||||||
Genco Knight Limited
|
14-11130 |
(242,141.40
|
)
|
-
|
(242,141.40
|
)
|
||||||||||
Genco Languedoc Limited
|
14-11134 |
(561,533.26
|
)
|
(281,583.14
|
)
|
(279,950.12
|
)
|
|||||||||
Genco Leader Limited
|
14-11139 |
(835,354.51
|
)
|
(520,272.10
|
)
|
(315,082.41
|
)
|
|||||||||
Genco Loire Limited
|
14-11143 |
(128,378.00
|
)
|
-
|
(128,378.00
|
)
|
||||||||||
Genco London Limited
|
14-11150 |
(573,720.62
|
)
|
(291,218.02
|
)
|
(282,502.60
|
)
|
|||||||||
Genco Lorraine Limited
|
14-11151 |
(485,506.31
|
)
|
(312,954.00
|
)
|
(172,552.31
|
)
|
|||||||||
Genco Management (USA) LLC
|
14-11110 |
(76.50
|
)
|
-
|
(76.50
|
)
|
||||||||||
Genco Mare Limited
|
14-11153 |
(288,961.66
|
)
|
(131,713.63
|
)
|
(157,248.03
|
)
|
|||||||||
Genco Marine Limited
|
14-11156 |
(602,336.92
|
)
|
(257,832.52
|
)
|
(344,504.40
|
)
|
|||||||||
Genco Maximus Limited
|
14-11157 |
(643,541.54
|
)
|
(453,105.89
|
)
|
(190,435.65
|
)
|
|||||||||
Genco Muse Limited
|
14-11113 |
(984,501.60
|
)
|
(827,232.32
|
)
|
(157,269.28
|
)
|
|||||||||
Genco Normandy Limited
|
14-11117 |
(307,296.92
|
)
|
(158,309.92
|
)
|
(148,987.00
|
)
|
|||||||||
Genco Ocean Limited
|
14-11120 |
(388,389.00
|
)
|
(181,714.00
|
)
|
(206,675.00
|
)
|
|||||||||
Genco Picardy Limited
|
14-11124 |
(532,120.46
|
)
|
(412,545.46
|
)
|
(119,575.00
|
)
|
|||||||||
Genco Pioneer Limited
|
14-11128 |
(926,410.26
|
)
|
(755,437.93
|
)
|
(170,972.33
|
)
|
|||||||||
Genco Predator Limited
|
14-11132 |
(448,968.24
|
)
|
(269,353.06
|
)
|
(179,615.18
|
)
|
|||||||||
Genco Progress Limited
|
14-11135 |
(322,006.17
|
)
|
-
|
(322,006.17
|
)
|
||||||||||
Genco Prosperity Limited
|
14-11138 |
(276,091.05
|
)
|
(143,438.78
|
)
|
(132,652.27
|
)
|
|||||||||
Genco Provence Limited
|
14-11141 |
(425,256.44
|
)
|
(241,403.18
|
)
|
(183,853.26
|
)
|
|||||||||
Genco Pyrenees Limited
|
14-11145 |
(660,666.46
|
)
|
(424,391.59
|
)
|
(236,274.87
|
)
|
|||||||||
Genco Raptor LLC
|
14-11147 |
(632,631.53
|
)
|
(313,149.38
|
)
|
(319,482.15
|
)
|
|||||||||
Genco RE Investments LLC
|
14-11112 |
-
|
-
|
-
|
||||||||||||
Genco Reliance Limited
|
14-11149 |
(39,785.15
|
)
|
-
|
(39,785.15
|
)
|
||||||||||
Genco Rhone Limited
|
14-11152 |
(395,926.47
|
)
|
(279,996.23
|
)
|
(115,930.24
|
)
|
|||||||||
Genco Shipping & Trading Limited
|
14-11108 |
(18,017,605.12
|
)
|
(990,024.85
|
)
|
(17,027,580.27
|
)
|
|||||||||
Genco Ship Management LLC
|
14-11109 |
(145,056.30
|
)
|
-
|
(145,056.30
|
)
|
||||||||||
Genco Spirit Limited
|
14-11154 |
(346,781.56
|
)
|
(160,379.28
|
)
|
(186,402.28
|
)
|
|||||||||
Genco Success Limited
|
14-11155 |
(919,718.38
|
)
|
(485,850.44
|
)
|
(433,867.94
|
)
|
|||||||||
Genco Sugar Limited
|
14-11158 |
(667,261.00
|
)
|
(504,773.24
|
)
|
(162,487.76
|
)
|
|||||||||
Genco Surprise Limited
|
14-11159 |
(418,623.07
|
)
|
(231,960.52
|
)
|
(186,662.55
|
)
|
|||||||||
Genco Thunder LLC
|
14-11160 |
(497,022.40
|
)
|
(213,353.99
|
)
|
(283,668.41
|
)
|
|||||||||
Genco Tiberius Limited
|
14-11161 |
(688,402.53
|
)
|
(468,842.35
|
)
|
(219,560.18
|
)
|
|||||||||
Genco Titus Limited
|
14-11162 |
(707,631.05
|
)
|
(505,543.43
|
)
|
(202,087.62
|
)
|
|||||||||
Genco Vigour Limited
|
14-11163 |
(529,901.74
|
)
|
(218,811.31
|
)
|
(311,090.43
|
)
|
|||||||||
Genco Warrior Limited
|
14-11164 |
(234,542.19
|
)
|
-
|
(234,542.19
|
)
|
||||||||||
Genco Wisdom Limited
|
14-11165 |
(472,311.15
|
)
|
(249,478.59
|
)
|
(222,832.56
|
)
|
|||||||||
|
||||||||||||||||
Total Cash Disbursements
|
$
|
(47,691,048.37
|
)
|
$
|
(18,233,181.73
|
)
|
$
|
(29,457,866.64
|
)
|
Notes
(1) The Total disbursement Column includes the net of any payments made on behalf of other entities. For example, if Genco Shipping & Trading Limited ("GST") makes a payment on behalf of another debtor the total disbursements for that debtor have been increased and GST's total disbursement has been reduced.
(2) Intercompany Disbursements includes transfers to Debtor entities. No transfers to non-Debtor entities are included in these amounts.
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
BANK RECONCILIATIONS (1), (2)
Debtor
|
Case Number
|
Bank
|
Account Type
|
Bank Account No.
(Last 4 Digits)
|
Book Balances
|
|||||
Genco Acheron Limited
|
14-11115
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
$
|
-
|
||||
Genco Aquitaine Limited
|
14-11116
|
Deutsche Bank
|
Operating
|
XXXX2358
|
-
|
|||||
Genco Ardennes Limited
|
14-11119
|
Deutsche Bank
|
Operating
|
XXXX2331
|
-
|
|||||
Genco Augustus Limited
|
14-11121
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Auvergne Limited
|
14-11123
|
Deutsche Bank
|
Operating
|
XXXX2323
|
-
|
|||||
Genco Avra Limited
|
14-11125
|
Credit Agricole
|
Operating
|
XXXXXXX5447
|
2,060,155.62
|
|||||
Genco Bay Limited
|
14-11127
|
Credit Agricole
|
Operating
|
XXXXXXX6047
|
1,652,740.90
|
|||||
Genco Beauty Limited
|
14-11129
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Bourgogne Limited
|
14-11131
|
Deutsche Bank
|
Operating
|
XXXX1961
|
-
|
|||||
Genco Bourgogne Limited
|
14-11131
|
Deutsche Bank
|
Operating
|
XXXX7466
|
9,997,435.09
|
|||||
Genco Brittany Limited
|
14-11133
|
Deutsche Bank
|
Operating
|
XXXX2366
|
-
|
|||||
Genco Carrier Limited
|
14-11136
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Cavalier LLC
|
14-11137
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Challenger Limited
|
14-11140
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Champion Limited
|
14-11142
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Charger Limited
|
14-11144
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Claudius Limited
|
14-11146
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Commodus Limited
|
14-11148
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Constantine Limited
|
14-11114
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Explorer Limited
|
14-11118
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Hadrian Limited
|
14-11122
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Hunter Limited
|
14-11126
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
DnB Nor Bank ASA
|
Operating
|
XXXX2001
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
J.P Morgan Asset Management
|
Operating
|
XXXXXX3357
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
Credit Industrial et Commercial
|
Operating
|
XX3228
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Investments LLC
|
14-11111
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Knight Limited
|
14-11130
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Languedoc Limited
|
14-11134
|
Deutsche Bank
|
Operating
|
XXXX2315
|
-
|
|||||
Genco Leader Limited
|
14-11139
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Loire Limited
|
14-11143
|
Deutsche Bank
|
Operating
|
XXXX1988
|
-
|
|||||
Genco London Limited
|
14-11150
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Lorraine Limited
|
14-11151
|
Deutsche Bank
|
Operating
|
XXXX1881
|
-
|
|||||
Genco Management (USA) LLC
|
14-11110
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
6,541,953.13
|
|||||
Genco Mare Limited
|
14-11153
|
Credit Agricole
|
Operating
|
XXXXXXX5147
|
2,465,435.54
|
|||||
Genco Marine Limited
|
14-11156
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Maximus Limited
|
14-11157
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Muse Limited
|
14-11113
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Normandy Limited
|
14-11117
|
Deutsche Bank
|
Operating
|
XXXX2024
|
-
|
|||||
Genco Ocean Limited
|
14-11120
|
Credit Agricole
|
Operating
|
XXXXXXX5747
|
1,611,578.32
|
|||||
Genco Picardy Limited
|
14-11124
|
Deutsche Bank
|
Operating
|
XXXX1996
|
-
|
|||||
Genco Pioneer Limited
|
14-11128
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Predator Limited
|
14-11132
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Progress Limited
|
14-11135
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Prosperity Limited
|
14-11138
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Provence Limited
|
14-11141
|
Deutsche Bank
|
Operating
|
XXXX2307
|
-
|
|||||
Genco Pyrenees Limited
|
14-11145
|
Deutsche Bank
|
Operating
|
XXXX2008
|
-
|
|||||
Genco Raptor LLC
|
14-11147
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco RE Investments LLC
|
14-11112
|
DnB Nor Bank ASA
|
Operating
|
XXXX4683
|
-
|
|||||
Genco Reliance Limited
|
14-11149
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Rhone Limited
|
14-11152
|
Deutsche Bank
|
Operating
|
XXXX2374
|
-
|
|||||
Genco Shipping & Trading Limited
|
14-11108
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
5,380,271.52
|
|||||
Genco Shipping & Trading Limited
|
14-11108
|
DnB Nor Bank ASA
|
Operating
|
XXXX0003
|
-
|
|||||
Genco Ship Management LLC
|
14-11109
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Spirit Limited
|
14-11154
|
Credit Agricole
|
Operating
|
XXXXXXX4847
|
2,636,354.79
|
|||||
Genco Success Limited
|
14-11155
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Sugar Limited
|
14-11158
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Surprise Limited
|
14-11159
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Thunder LLC
|
14-11160
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Tiberius Limited
|
14-11161
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Titus Limited
|
14-11162
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Vigour Limited
|
14-11163
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Warrior Limited
|
14-11164
|
Nordea Bank AB
|
Operating
|
XXXXXX3001
|
-
|
|||||
Genco Wisdom Limited
|
14-11165
|
Nordea Bank AB
|
Operating
|
XXXXXX2001
|
-
|
|||||
Genco Joint Vessel Account
|
Various
|
Deutsche Bank
|
Operating
|
XXXX8549
|
9,875,501.74
|
|||||
Genco Joint Vessel Account
|
Various
|
Deutsche Bank
|
Operating
|
XXXX2905
|
-
|
|||||
Genco Joint Vessel Account
|
Various
|
Deutsche Bank
|
Operating
|
XXXX9007
|
-
|
|||||
|
|
|
|
$
|
42,221,426.65
|
Notes
(1) - The Debtors have not included copies of bank statements or cash disbursements journals due to the voluminous nature of such documents.
(2) - The Debtors reconcile their bank accounts on a monthly basis
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
STATEMENT OF OPERATIONS
|
For the Month Ended
May 31, 2014
|
|||
Revenues:
|
||||
Voyage revenues
|
$
|
13,932,273
|
||
Service revenues
|
581,250
|
|||
|
||||
Total revenues
|
14,513,523
|
|||
|
||||
Operating expenses:
|
||||
Voyage expenses
|
795,833
|
|||
Vessel operating expenses
|
8,001,141
|
|||
General, administrative, and management fees
|
1,672,736
|
|||
Depreciation and amortization
|
10,662,187
|
|||
|
||||
Total operating expenses
|
21,131,897
|
|||
|
||||
Operating loss
|
(6,618,374
|
)
|
||
|
||||
Other (expense) income:
|
||||
Other expense
|
(8,937
|
)
|
||
Interest income
|
2,423
|
|||
Interest expense
|
(5,580,999
|
)
|
||
Reorganization items, net
|
(4,833,416
|
)
|
||
|
||||
Other expense
|
(10,420,929
|
)
|
||
|
||||
Loss before income taxes
|
(17,039,303
|
)
|
||
Income tax expense
|
(142,215
|
)
|
||
|
||||
Net loss
|
$
|
(17,181,518
|
)
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
BALANCE SHEET
(This Balance Sheet is subject to the disclaimers and notes annexed hereto, specifically Notes 3 and 8.)
|
May 31, 2014
|
||||
Assets
|
|||||
Current assets:
|
|||||
Cash and cash equivalents
|
$
|
33,266,257
|
|||
Restricted Cash
|
9,975,000
|
||||
Due from charterers, net
|
8,705,789
|
||||
Due from related parties
|
133,604
|
||||
Prepaid expenses and other current assets
|
20,717,441
|
||||
Total current assets
|
72,798,091
|
||||
|
|||||
Noncurrent assets:
|
|||||
Vessels, net
|
2,144,635,322
|
||||
Deferred drydock, net
|
13,390,005
|
||||
Deferred financing costs, net
|
16,064,816
|
||||
Fixed assets, net
|
3,989,501
|
||||
Other noncurrent assets
|
514,425
|
||||
Restricted cash
|
300,000
|
||||
Investments
|
57,784,439
|
||||
Investment in Baltic Trading Limited
|
75,000,000
|
||||
Total noncurrent assets
|
2,311,678,508
|
||||
|
|||||
Total assets
|
$
|
2,384,476,599
|
|||
|
|||||
Liabilities and Equity
|
|||||
Current liabilities:
|
|||||
Accounts payable and accrued expenses
|
$
|
23,157,825
|
|||
Deferred revenue
|
1,007,370
|
||||
Total current liabilities
|
24,165,195
|
||||
|
|||||
Noncurrent liabilities:
|
|||||
Long-term lease obligations
|
2,609,998
|
||||
Time charters acquired
|
23,499
|
||||
Liabilities subject to compromise
|
1,443,597,507
|
(A)
|
|||
Total noncurrent liabilities
|
1,446,231,004
|
||||
|
|||||
Total liabilities
|
1,470,396,199
|
||||
|
|||||
Total Equity
|
914,080,400
|
||||
|
|||||
Total liabilities and equity
|
$
|
2,384,476,599
|
|||
|
|
||||
(A)
|
Liabilities subject to compromise consist of the following:
|
||||
Debt under the 2007 Credit Facility
|
$
|
1,055,911,525
|
|||
|
Debt under the $100 Million Term Loan Facility
|
73,561,133
|
|||
|
Debt under the $253 Million Term Loan Facility
|
175,718,000
|
|||
|
Interest payable under the 2007 Credit Facility
|
13,198,894
|
|||
|
Interest rate swap
|
5,621,680
|
|||
|
Convertible senior note
|
117,473,412
|
|||
|
Bond coupon interest
|
1,104,972
|
|||
|
Lease obligation for prior office space
|
851,739
|
|||
|
Pre-petition accounts payable
|
156,152
|
|||
|
|
$
|
1,443,597,507
|
The amounts included herein are consistent with the Debtors’ accounting practices and, as such, and in some instances may be based upon the asserted liability by the creditor (including pursuant to a proof of claim), and do not constitute an admission of the validity or amount of any claim asserted against the Debtors. Nothing contained herein reflects an agreed amount or allowance of any claim.
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
STATUS OF POST-PETITION TAXES ²
Federal
|
Beginning Tax ¹
|
Amount
Withheld
and/or
Accrued
|
Amount Paid
|
Ending Tax ¹
|
||||||||||||
Withholding
|
$
|
-
|
$
|
100,299.78
|
$
|
100,299.78
|
$
|
-
|
||||||||
FICA- employee
|
-
|
33,861.77
|
33,861.77
|
-
|
||||||||||||
FICA-Employer
|
-
|
33,752.20
|
33,752.20
|
-
|
||||||||||||
Unemployment
|
-
|
48.83
|
48.83
|
-
|
||||||||||||
Corporate
|
-
|
111,425.71
|
-
|
111,425.71
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Total Federal Taxes
|
-
|
279,388.29
|
167,962.58
|
111,425.71
|
||||||||||||
State and Local
|
||||||||||||||||
Withholding
|
-
|
39,273.10
|
39,273.10
|
-
|
||||||||||||
Sales
|
-
|
-
|
-
|
-
|
||||||||||||
Excise
|
-
|
-
|
-
|
-
|
||||||||||||
Unemployment
|
-
|
243.53
|
243.53
|
-
|
||||||||||||
Real Property ³
|
-
|
-
|
||||||||||||||
Personal Property
|
-
|
-
|
-
|
-
|
||||||||||||
Corporate - NYC
|
-
|
34,824.87
|
34,824.87
|
|||||||||||||
Corporate - NYS
|
(49,552.03
|
)
|
30,953.78
|
(18,598.25
|
)
|
|||||||||||
Other
|
(1,911.50
|
)
|
6,532.86
|
1,774.90
|
2,846.46
|
|||||||||||
Total State and Local
|
(51,463.53
|
)
|
111,828.14
|
41,291.53
|
19,073.07
|
|||||||||||
|
||||||||||||||||
Total Taxes
|
$
|
(51,463.53
|
)
|
$
|
391,216.42
|
$
|
209,254.11
|
$
|
130,498.78
|
Notes
1 - Negative balances appearing in Beginning or Ending Tax column represents pre-paid taxes.
2 - The Debtors believe they are paying all undisputed taxes and preparing and filing all returns when due or obtaining extensions where necessary.
3 - The Debtors do not own any real property. Real estate taxes paid by the Debtors are paid as part of an underlying lease obligation and the failure to pay such lease payments would not result in claims by the taxing authority against the Debtors.
SUMMARY OF UNPAID POST-PETITION DEBTS ¹
|
Number of Days Past Due
|
|||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 91
|
Total
|
||||||||||||||||||
Accounts Payable
|
421,390.25
|
254,332.35
|
12,121.13
|
0.00
|
0.00
|
687,843.73
|
||||||||||||||||||
Wages Payable
|
0.00
|
|||||||||||||||||||||||
Taxes Payable
|
2,846.46
|
0.00
|
0.00
|
0.00
|
0.00
|
2,846.46
|
||||||||||||||||||
Rent/Leases-Building
|
0.00
|
|||||||||||||||||||||||
Rent/Leases-Equipment
|
908.69
|
0.00
|
0.00
|
0.00
|
0.00
|
908.69
|
||||||||||||||||||
Secured Debt/Adequate
Protection Payments
|
1,416,105.36
|
1,416,105.36
|
||||||||||||||||||||||
Professional Fees
|
754,404.60
|
0.00
|
12,861.06
|
0.00
|
0.00
|
767,265.66
|
||||||||||||||||||
Amounts Due to Insiders
|
287.00
|
273.64
|
764.99
|
0.00
|
0.00
|
1,325.63
|
||||||||||||||||||
Other:______________
|
0.00
|
|||||||||||||||||||||||
Total Post-petition Debts
|
2,595,942.36
|
254,605.99
|
25,747.18
|
0.00
|
0.00
|
2,876,295.53
|
Notes:
1 - The Debtors believe they are paying all undisputed post-petition obligations according to terms. Aged amounts represent items subject to valid disputes, and certain items which have been paid subsequent to the end of the reporting period.
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
MAY 2014
|
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation
|
Amount
|
|||
Total Accounts Receivable at the beginning of the reporting period
|
$
|
8,383,786.60
|
||
Plus: Amounts billed during the period
|
12,981,991.38
|
|||
Less: Amounts collected during the period
|
(12,169,261.31
|
)
|
||
Total Accounts Receivable at the end of the reporting period
|
$
|
9,196,516.67
|
Accounts Receivable Aging
|
5/31/2014
|
|||
0 - 30 days old
|
$
|
7,179,554.67
|
||
31 - 60 days old
|
428,125.22
|
|||
61 - 90 days old
|
174,167.34
|
|||
91+ days old
|
1,414,669.44
|
|||
Total Accounts Receivable
|
$
|
9,196,516.67
|
||
|
||||
Less: Bad Debts (Amount considered uncollectible)
|
(490,728.04
|
)
|
||
|
||||
Net Accounts Receivable
|
$
|
8,705,788.63
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown on the Cash Receipts and Disbursements Report (MOR-1) list the amount paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid (e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.
INSIDERS
|
|||||||||
NAME
|
TYPE OF PAYMENT
|
AMOUNT PAID
|
TOTAL PAID TO DATE
|
||||||
Robert G. Buchanan
|
Salary
|
29,741.33
|
29,741.33
|
||||||
Robert G. Buchanan
|
Expense Reimbursement
|
6,121.82
|
6,121.82
|
||||||
John C. Wobensmith
|
Salary
|
32,532.17
|
32,532.17
|
||||||
Peter Georgiopoulos
|
Expense Reimbursement
|
136.24
|
136.24
|
||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
TOTAL PAYMENTS TO INSIDERS
|
$
|
68,531.56
|
$
|
68,531.56
|
PROFESSIONALS
|
||||||||||||||||||||
NAME
|
AMOUNT BILLED
|
AMOUNT PAID
|
TOTAL PAID TO DATE
|
TOTAL BILLED TO
DATE
|
TOTAL UNPAID
|
|||||||||||||||
Akin Gump Strauss Hauer & Feld LLP
|
681,102.21
|
266,090.89
|
266,090.89
|
681,102.21
|
415,011.32
|
|||||||||||||||
Blackstone Advisory Partners L.P.
|
108,620.69
|
108,620.69
|
108,620.69
|
108,620.69
|
-
|
|||||||||||||||
CMG Advisory Services LLC
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Curtis, Mallet-Prevost, Colt & Mosele LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Deloitte & Touche LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Deloitte Financial Advisory Services LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Houlihan Lokey Capital, Inc.
|
152,720.33
|
-
|
-
|
152,720.33
|
152,720.33
|
|||||||||||||||
Jefferies & Company, Inc.
|
125,895.94
|
125,895.94
|
125,895.94
|
125,895.94
|
-
|
|||||||||||||||
Joele Frank, Wilkinson Brimmer Katcher
|
7,759.50
|
4,042.90
|
4,042.90
|
7,759.50
|
3,716.60
|
|||||||||||||||
Kramer Levin Naftalis & Frankel LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Milbank, Tweed, Hadley & McCloy LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Orrick, Herrington & Sutcliffe LLP
|
182,956.35
|
-
|
-
|
182,956.35
|
182,956.35
|
|||||||||||||||
Paul, Weiss, Rifkind, Wharton & Garrison LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Poles, Tublin, Stratakis & Gonzalez, LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Rothschild, Inc.
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Seward & Kissel LLP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Sidley Austin LLP ¹
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Stephenson Harwood LLP
|
12,861.06
|
-
|
-
|
12,861.06
|
12,861.06
|
|||||||||||||||
The Garden City Group, Inc.
|
53,600.00
|
53,600.00
|
53,600.00
|
53,600.00
|
-
|
|||||||||||||||
Other
|
76,000.00
|
76,000.00
|
76,000.00
|
76,000.00
|
-
|
|||||||||||||||
TOTAL PAYMENTS TO PROFESSIONALS
|
$
|
1,401,516.08
|
$
|
634,250.42
|
$
|
634,250.42
|
$
|
1,401,516.08
|
$
|
767,265.66
|
1 - The engagement of Sidley Austin LLP is subject to approval by the court.
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR
|
SCHEDULED MONTHLY
PAYMENT DUE
|
AMOUNT PAID SINCE
PETITION DATE
|
||||||
DIP Principal
|
$
|
-
|
$
|
-
|
||||
DIP Interest
|
-
|
-
|
||||||
Interest on 2007 Credit Facility
|
-
|
12,628,664.91
|
||||||
Interest on Credit Agricole $100M
|
-
|
405,726.41
|
||||||
Interest on Deutsche bank $253M
|
-
|
1,436,154.45
|
||||||
Interest on DnB Swap $106M
|
-
|
1,128,433.48
|
||||||
Leases
|
-
|
196,266.43
|
||||||
Adequate Assurance Payments - Utilities
|
-
|
7,216.54
|
||||||
|
||||||||
TOTAL PAYMENTS
|
$
|
-
|
$
|
15,802,462.22
|
In re
|
GENCO SHIPPING & TRADING LIMITED, et al.
|
Case No.
|
14-11108
|
|
Debtor
|
Reporting Period:
|
APRIL 21, 2014 - MAY 31, 2014
|
DEBTOR QUESTIONNAIRE
|
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.
|
Yes
|
No
|
1
|
Have any assets been sold or transferred outside the normal course of business this reporting period?
|
|
X
|
2
|
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
|
|
X
|
3
|
Is the Debtor delinquent in the timely filing of any post-petition tax returns?
|
|
X
|
4
|
Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?
|
|
X
|
5
|
Is the Debtor delinquent in paying any insurance premium payment?
|
|
X
|
6
|
Have any payments been made on pre-petition liabilities this reporting period?
|
X
|
|
7
|
Are any post petition receivables (accounts, notes or loans) due from related parties?
|
X
|
|
8
|
Are any post petition payroll taxes past due?
|
|
X
|
9
|
Are any post petition State or Federal income taxes past due?
|
|
X
|
10
|
Are any post petition real estate taxes past due?
|
|
X
|
11
|
Are any other post petition taxes past due?
|
|
X
|
12
|
Have any pre-petition taxes been paid during this reporting period?
|
|
X
|
13
|
Are any amounts owed to post petition creditors delinquent?
|
|
X
|
14
|
Are any wage payments past due?
|
|
X
|
15
|
Have any post petition loans been received by the Debtor from any party?
|
|
X
|
16
|
Is the Debtor delinquent in paying any U.S. Trustee fees?
|
|
X
|
17
|
Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?
|
|
X
|
18
|
Have the owners or shareholders received any compensation outside of the normal course of business?
|
|
X
|
Explanations
6
|
The Debtors have made payments on account of pre-petition liabilities in accordance with Orders of the Bankruptcy Court specifically authorizing such payments.
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7
|
The Debtors have approximately $134,000 in related party receivables from (a) Baltic Trading Limited, a subsidiary in which the Debtors owns a majority of the voting interests and exercises control;
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(b) Maritime Equity Partners LLC, a company where Peter C. Georgiopoulos, Chairman of the Board of Directors of the Debtors, controls and has a minority interest; and (c) General Maritime Corporation, a company where Peter C. Georgiopoulos, Chairman of the Board of Directors of the Debtors, also serves as Chairman of the Board of Directors. These amounts are reimbursed to the Debtors in the ordinary course of business.