Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 28, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Entity Registrant Name | GENCO SHIPPING & TRADING LTD | ||
Entity Central Index Key | 1,326,200 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 14.6 | ||
Entity Common Stock, Shares Outstanding | 34,416,305 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 133,400 | $ 121,074 |
Restricted cash | 8,242 | 19,500 |
Due from charterers, net | 10,373 | 10,586 |
Prepaid expenses and other current assets | 15,750 | 21,369 |
Vessels held for sale | 4,840 | |
Total current assets | 172,605 | 172,529 |
Noncurrent assets: | ||
Vessels, net of accumulated depreciation of $163,053 and $107,998, respectively | 1,354,760 | 1,508,221 |
Deferred drydock, net of accumulated amortization of $6,340 and $3,207 respectively | 12,637 | 16,177 |
Deferred financing costs, net of accumulated amortization of $0 and $734, respectively | 3,294 | |
Fixed assets, net of accumulated depreciation and amortization of $759 and $404, respectively | 1,018 | 1,286 |
Other noncurrent assets | 514 | 514 |
Restricted cash non-current | 27,426 | 315 |
Investments | 12,327 | |
Total noncurrent assets | 1,396,355 | 1,542,134 |
Total assets | 1,568,960 | 1,714,663 |
Current liabilities: | ||
Accounts payable and accrued expenses | 22,885 | 27,467 |
Current portion of long-term debt, net of deferred financing costs of $0 and $9,411, respectively | 4,576 | 579,023 |
Deferred revenue | 1,488 | 1,058 |
Total current liabilities | 28,949 | 607,548 |
Noncurrent liabilities: | ||
Long-term lease obligations | 1,868 | 1,149 |
Long-term debt, net of deferred financing costs of $11,357 and $0, respectively | 508,444 | |
Total noncurrent liabilities | 510,312 | 1,149 |
Total liabilities | 539,261 | 608,697 |
Commitments and contingencies | ||
Equity: | ||
Series A Preferred Stock, par value $0.01: aggregate liquidation preference of $120,789 and $0 at December 31, 2016 and December 31, 2015, respectively | 120,789 | |
Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 7,354,449 and 7,289,823 shares at December 31, 2016 and December 31, 2015, respectively | 74 | 73 |
Additional paid-in capital | 1,503,784 | 1,483,105 |
Accumulated other comprehensive loss | 21 | |
Retained deficit | 594,948 | 377,191 |
Total equity | 1,029,699 | 1,105,966 |
Total liabilities and equity | $ 1,568,960 | $ 1,714,663 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Noncurrent assets: | ||
Vessels, accumulated depreciation | $ 163,053 | $ 107,998 |
Deferred drydock, accumulated amortization | 6,340 | 3,207 |
Deferred financing costs, accumulated amortization | 0 | 734 |
Fixed assets, accumulated depreciation and amortization | 759 | 404 |
Current liabilities: | ||
Deferred finance costs, current | 0 | 9,411 |
Deferred finance costs, noncurrent | $ 11,357 | $ 0 |
Genco Shipping & Trading Limited shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 7,354,449 | 7,289,823 |
Common stock, shares outstanding (in shares) | 7,354,449 | 7,289,823 |
Series A Preferred Stock | ||
Genco Shipping & Trading Limited shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Aggregate liquidation preference | $ 120,789 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||||
Voyage revenues | $ 98,817 | $ 133,246 | $ 150,784 | |
Service revenues | 1,584 | 2,340 | 3,175 | |
Total revenues | 100,401 | 135,586 | 153,959 | |
Operating expenses: | ||||
Voyage expenses | 7,525 | 13,227 | 20,257 | |
Vessel operating expenses | 56,943 | 113,636 | 122,008 | |
General and administrative expenses (inclusive of nonvested stock amortization expense of $20,680, $42,136, $20,405 and $4,352, respectively) | 32,790 | 45,174 | 74,941 | |
Technical management fees | 4,125 | 8,932 | 8,961 | |
Depreciation and amortization | 36,714 | 76,330 | 79,556 | |
Other operating income | (530) | (960) | 0 | |
Impairment of vessel assets | 0 | 69,278 | 39,893 | |
(Gain) loss on sale of vessels | (3,555) | 1,210 | ||
Goodwill impairment | 166,067 | |||
Total operating expenses | 303,634 | 322,062 | 346,826 | |
Operating loss | (203,233) | (186,476) | (192,867) | |
Other (expense) income: | ||||
Impairment of investment | 0 | (2,696) | (37,877) | |
Other income (expense) | 36 | 645 | (796) | |
Interest income | 46 | 204 | 110 | |
Interest expense | (7,620) | (28,453) | (20,032) | |
Other expense | (7,538) | (30,300) | (58,595) | |
Loss before reorganization items, net | (210,771) | (216,776) | (251,462) | |
Reorganization items, net | (1,591) | (272) | (1,085) | |
Loss before income taxes | (212,362) | (217,048) | (252,547) | |
Income tax expense | (996) | (709) | (1,821) | |
Net loss | (213,358) | (217,757) | (254,368) | |
Less: Net loss attributable to noncontrolling interest | (31,064) | (59,471) | ||
Net loss attributable to Genco Shipping & Trading Limited | $ (182,294) | $ (217,757) | $ (194,897) | |
Net loss per share-basic | $ (30.20) | $ (30.03) | $ (29.61) | |
Net loss per share-diluted | $ (30.20) | $ (30.03) | $ (29.61) | |
Weighted average common shares outstanding - Basic | 6,036,051 | 7,251,231 | 6,583,163 | |
Weighted average common shares outstanding-diluted | 6,036,051 | 7,251,231 | 6,583,163 | |
Predecessor | ||||
Revenues: | ||||
Voyage revenues | $ 118,759 | |||
Service revenues | 1,701 | |||
Total revenues | 120,460 | |||
Operating expenses: | ||||
Voyage expenses | 4,140 | |||
Vessel operating expenses | 64,670 | |||
General and administrative expenses (inclusive of nonvested stock amortization expense of $20,680, $42,136, $20,405 and $4,352, respectively) | 26,894 | |||
Technical management fees | 4,477 | |||
Depreciation and amortization | 75,952 | |||
Other operating income | 0 | |||
Impairment of vessel assets | 0 | |||
Total operating expenses | 176,133 | |||
Operating loss | (55,673) | |||
Other (expense) income: | ||||
Impairment of investment | 0 | |||
Other income (expense) | (106) | |||
Interest income | 45 | |||
Interest expense | (41,061) | |||
Other expense | (41,122) | |||
Loss before reorganization items, net | (96,795) | |||
Reorganization items, net | (915,640) | |||
Loss before income taxes | (1,012,435) | |||
Income tax expense | (815) | |||
Net loss | (1,013,250) | |||
Less: Net loss attributable to noncontrolling interest | (62,101) | |||
Net loss attributable to Genco Shipping & Trading Limited | $ (951,149) | |||
Net loss per share-basic | $ (21.83) | |||
Net loss per share-diluted | $ (21.83) | |||
Weighted average common shares outstanding - Basic | 43,568,942 | |||
Weighted average common shares outstanding-diluted | 43,568,942 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation | $ 20,405 | $ 20,680 | $ 42,136 | |
Predecessor | ||||
Share-based Compensation | $ 4,352 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss | $ (25,104) | $ (27,514) | $ (110,653) | $ (54,483) | $ (49,498) | $ (73,803) | $ (51,952) | $ (79,115) | $ (213,358) | $ (217,757) | $ (254,368) | |
Change in unrealized gain/loss on investments | (25,317) | 21 | 25,296 | |||||||||
Other comprehensive income (loss) | (25,317) | 21 | 25,296 | |||||||||
Comprehensive loss | (238,675) | (217,736) | (229,072) | |||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (31,064) | (59,471) | ||||||||||
Comprehensive loss attributable to Genco Shipping & Trading Limited | $ (207,611) | $ (217,736) | $ (169,601) | |||||||||
Predecessor | ||||||||||||
Net loss | $ (1,013,250) | |||||||||||
Change in unrealized gain/loss on investments | (25,766) | |||||||||||
Unrealized gain on cash flow hedges, net | 2,401 | |||||||||||
Other comprehensive income (loss) | (23,365) | |||||||||||
Comprehensive loss | (1,036,615) | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (62,101) | |||||||||||
Comprehensive loss attributable to Genco Shipping & Trading Limited | $ (974,514) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Series A Preferred StockPreferred Stock | Genco Shipping & Trading Limited Shareholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Deficit | Noncontrolling Interest | Total |
Balance (Predecessor) at Dec. 31, 2013 | $ 967,469 | $ 445 | $ 846,658 | $ 53,722 | $ 66,644 | $ 341,336 | $ 1,308,805 | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net loss | Predecessor | (951,149) | (951,149) | (62,101) | (1,013,250) | ||||
Change in unrealized gain/loss on investments | Predecessor | (25,766) | (25,766) | (25,766) | |||||
Other comprehensive income (loss) | Predecessor | (23,365) | |||||||
Unrealized gain on cash flow hedges, net | Predecessor | 2,401 | 2,401 | 2,401 | |||||
Nonvested stock amortization | Predecessor | 2,403 | 2,403 | 1,949 | 4,352 | ||||
Cancellation of predecessor common stock and accumulated deficit | 34,930 | (445) | (849,130) | 884,505 | 34,930 | |||
Elimination of Predecessor accumulated other comprehensive income | (30,357) | (30,357) | (30,357) | |||||
Issuance of new equity interest in connection with emergence from Chapter 11, including the $100 Million Rights Offering — 60,299,757 shares | 1,233,000 | 60 | 1,232,940 | 1,233,000 | ||||
Cash dividends paid by Baltic Trading Limited | Predecessor | (5) | (5) | (2,041) | (2,046) | ||||
Vesting of restricted shares issued by Baltic Trading Limited | Predecessor | 74 | 74 | (74) | |||||
Balance at Jul. 09, 2014 | 1,233,000 | 60 | 1,232,940 | 279,069 | 1,512,069 | |||
Increase (Decrease) in Shareholders' Equity | ||||||||
Subtotal - July 9, 2014 (Predecessor) | Predecessor | (4,573) | 445 | 849,130 | 30,357 | (884,505) | 279,069 | 274,496 | |
Net loss | (182,294) | (182,294) | (31,064) | (213,358) | ||||
Change in unrealized gain/loss on investments | (25,317) | |||||||
Other comprehensive income (loss) | (25,317) | (25,317) | (25,317) | |||||
Issuance of 111,060 and 61,244 shares of nonvested stock at December 31, 2016 and December 31, 2014, respectively | 1 | (1) | ||||||
Issuance of stock | 1 | (1) | ||||||
Nonvested stock amortization | 18,854 | 18,854 | 1,551 | 20,405 | ||||
Cash dividends paid by Baltic Trading Limited | (3) | (3) | (1,022) | (1,025) | ||||
Vesting of restricted shares issued by Baltic Trading Limited | (39) | (39) | 39 | |||||
Balance at Dec. 31, 2014 | 1,044,201 | 62 | 1,251,750 | (25,317) | (182,294) | 248,573 | 1,292,774 | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net loss | (194,897) | (194,897) | (59,471) | (254,368) | ||||
Change in unrealized gain/loss on investments | 25,296 | |||||||
Other comprehensive income (loss) | 25,296 | 25,296 | 25,296 | |||||
Settlement of non-accredited Note holders | (462) | (462) | (462) | |||||
Equity effect of purchase of entities under common control | 590 | 590 | 590 | |||||
Issuance of stock | 11 | (11) | ||||||
Elimination of non-controlling interest due to Merger | 194,375 | 194,375 | (194,375) | |||||
Nonvested stock amortization | 36,863 | 36,863 | $ 5,273 | 42,136 | ||||
Balance at Dec. 31, 2015 | 1,105,966 | 73 | 1,483,105 | (21) | (377,191) | 1,105,966 | ||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net loss | (217,757) | (217,757) | (217,757) | |||||
Change in unrealized gain/loss on investments | 21 | |||||||
Other comprehensive income (loss) | 21 | $ 21 | 21 | |||||
Issuance of 111,060 and 61,244 shares of nonvested stock at December 31, 2016 and December 31, 2014, respectively | 1 | (1) | ||||||
Issuance of stock | $ 120,789 | 120,789 | 120,789 | |||||
Nonvested stock amortization | 20,680 | 20,680 | 20,680 | |||||
Balance at Dec. 31, 2016 | $ 120,789 | $ 1,029,699 | $ 74 | $ 1,503,784 | $ (594,948) | $ 1,029,699 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | |
Issuance of stock (in shares) | 13,102 | ||
Issuance of shares of nonvested stock (in shares) | 111,060 | 61,244 | |
Issuance of shares of RSUs (in shares) | 3,138 | ||
Series A Preferred Stock | |||
Issuance of stock (in shares) | 27,061,856 | ||
Predecessor | |||
Issuance of new equity interests in connection with emergence from Chapter 11 in connection with the Rights Offering | $ 100 | ||
Issuance of new equity interests in connection with emergence from Chapter 11 in connection with the Rights Offering (in shares) | 6,029,976 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||||
Net loss | $ (213,358) | $ (217,757) | $ (254,368) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Goodwill impairment | 166,067 | |||
Depreciation and amortization | 36,714 | 76,330 | 79,556 | |
Amortization of deferred financing costs | 845 | 2,847 | 2,379 | |
PIK interest, net | 800 | |||
Amortization of time charters acquired | (450) | |||
Amortization of nonvested stock compensation expense | 20,405 | 20,680 | 42,136 | |
Impairment of vessel assets | 0 | 69,278 | 39,893 | |
(Gain) loss on sale of vessels | (3,555) | 900 | ||
Impairment of investment | 0 | 2,696 | 37,877 | |
Realized (gain) loss on sale of investment | (689) | 724 | ||
Change in assets and liabilities: | ||||
Decrease (increase) in due from charterers | (1,545) | 213 | 4,153 | |
Decrease (increase) in prepaid expenses and other current assets | 8,343 | 5,485 | 1,181 | |
(Decrease) increase in accounts payable and accrued expenses | (39,170) | (5,309) | 1,883 | |
Increase (decrease) in deferred revenue | 400 | 430 | (339) | |
Increase in lease obligations | 390 | 719 | 759 | |
Deferred drydock costs incurred | (6,376) | (2,150) | (12,820) | |
Net cash used in operating activities | (26,835) | (49,982) | (56,086) | |
Cash flows from investing activities: | ||||
Purchase of vessels, including deposits | (24,473) | (458) | (66,590) | |
Purchase of other fixed assets | (208) | (329) | (770) | |
Net proceeds from sale of vessel assets | 13,024 | |||
Sale of AFS securities | 10,489 | 706 | ||
Changes in deposits of restricted cash | (19,420) | (15,853) | 9,880 | |
Net cash provided by (used in) investing activities | (44,101) | 6,873 | (56,774) | |
Cash flows from financing activities: | ||||
Payment of dividend by subsidiary | (1,025) | |||
Cash settlement of non-accredited Note holders | (484) | (101) | (777) | |
Proceeds from issuance of Series A Preferred Stock | 125,000 | |||
Payment of Series A Preferred Stock issuance costs | (3,108) | |||
Payment of deferred financing costs | (2,322) | (1,500) | (7,003) | |
Net cash provided by financing activities | 18,273 | 55,435 | 150,520 | |
Net increase (decrease) in cash and cash equivalents | (52,663) | 12,326 | 37,660 | |
Cash and cash equivalents at beginning of period | 136,077 | 121,074 | 83,414 | |
Cash and cash equivalents at end of period | 83,414 | $ 136,077 | 133,400 | 121,074 |
Secured Debt | $400 Million Credit Facility | ||||
Cash flows from financing activities: | ||||
Proceeds from Term Loan Facility | 400,000 | |||
Secured Debt | $100 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (3,846) | (60,099) | (7,692) | |
Secured Debt | $253 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (5,075) | (145,268) | (20,300) | |
Secured Debt | $44 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (1,375) | (38,500) | (2,750) | |
Secured Debt | $22 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (750) | (18,625) | (1,500) | |
Secured Debt | 2014 Term Loan Facilities | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (2,763) | (2,081) | ||
Proceeds from Term Loan Facility | 33,150 | |||
Revolving Credit Facility | 2015 Revolving Credit Facility | ||||
Cash flows from financing activities: | ||||
Proceeds from credit facility | 56,218 | |||
Repayment of line of credit facility | (56,218) | |||
Line of Credit Facility | $98 Million Credit Facility | ||||
Cash flows from financing activities: | ||||
Proceeds from credit facility | 98,271 | |||
Repayment of line of credit facility | (3,000) | |||
Line of Credit Facility | $148 Million Credit Facility | ||||
Cash flows from financing activities: | ||||
Proceeds from credit facility | 148,000 | |||
Repayment of line of credit facility | $ (140,383) | (7,616) | ||
Line of Credit Facility | 2010 Credit Facility | ||||
Cash flows from financing activities: | ||||
Repayment of line of credit facility | $ (102,250) | |||
Predecessor | ||||
Cash flows from operating activities: | ||||
Net loss | (1,013,250) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Reorganization Items And Fresh-Start Accounting Adjustments, Net | 880,408 | |||
Depreciation and amortization | 75,952 | |||
Amortization of deferred financing costs | 4,461 | |||
Amortization of time charters acquired | 68 | |||
Amortization of discount on Convertible Senior Notes | 1,592 | |||
Interest expense related to the de-designation of the interest rate swap | 1,048 | |||
Amortization of nonvested stock compensation expense | 4,352 | |||
Impairment of vessel assets | 0 | |||
Impairment of investment | 0 | |||
Change in assets and liabilities: | ||||
Decrease (increase) in due from charterers | 1,047 | |||
Decrease (increase) in prepaid expenses and other current assets | (11,735) | |||
(Decrease) increase in accounts payable and accrued expenses | 32,534 | |||
Increase (decrease) in deferred revenue | (600) | |||
Increase in lease obligations | 195 | |||
Deferred drydock costs incurred | (9,253) | |||
Net cash used in operating activities | (33,317) | |||
Cash flows from investing activities: | ||||
Purchase of vessels, including deposits | (29,995) | |||
Purchase of other fixed assets | (415) | |||
Changes in deposits of restricted cash | (125) | |||
Net cash provided by (used in) investing activities | (30,535) | |||
Cash flows from financing activities: | ||||
Payment of dividend by subsidiary | (2,046) | |||
Proceeds from Rights Offering | 100,000 | |||
Payment of common stock issuance costs by subsidiary | (111) | |||
Payment of deferred financing costs | (4,515) | |||
Net cash provided by financing activities | 77,207 | |||
Net increase (decrease) in cash and cash equivalents | 13,355 | |||
Cash and cash equivalents at beginning of period | $ 136,077 | 122,722 | ||
Cash and cash equivalents at end of period | 136,077 | |||
Predecessor | Secured Debt | $100 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (3,846) | |||
Predecessor | Secured Debt | $253 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (10,150) | |||
Predecessor | Secured Debt | $44 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | (1,375) | |||
Predecessor | Secured Debt | $22 Million Term Loan Facility | ||||
Cash flows from financing activities: | ||||
Repayments on Term Loan Facility | $ (750) |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Nov. 15, 2016 | Nov. 10, 2016 | Jun. 08, 2016 | Dec. 31, 2015 | Nov. 04, 2015 | Jul. 14, 2015 | Dec. 31, 2014 | Jan. 01, 2014 | Dec. 03, 2013 | Aug. 30, 2013 | Aug. 01, 2012 | Dec. 21, 2011 | Aug. 20, 2010 | Aug. 12, 2010 |
$400 Million Credit Facility | Secured Debt | |||||||||||||||
Maximum borrowing capacity | $ 400,000 | $ 400,000 | $ 400,000 | ||||||||||||
$100 Million Term Loan Facility | Secured Debt | |||||||||||||||
Maximum borrowing capacity | 100,000 | $ 100,000 | |||||||||||||
$100 Million Term Loan Facility | Secured Debt | Predecessor | |||||||||||||||
Maximum borrowing capacity | $ 100,000 | $ 100,000 | |||||||||||||
$253 Million Term Loan Facility | Secured Debt | |||||||||||||||
Maximum borrowing capacity | 253,000 | 253,000 | |||||||||||||
$253 Million Term Loan Facility | Secured Debt | Predecessor | |||||||||||||||
Maximum borrowing capacity | $ 253,000 | $ 253,000 | $ 253,000 | $ 253,000 | |||||||||||
$98 Million Credit Facility | Line of Credit Facility | |||||||||||||||
Maximum borrowing capacity | 98,000 | $ 98,000 | $ 98,000 | ||||||||||||
$148 Million Credit Facility | Line of Credit Facility | |||||||||||||||
Maximum borrowing capacity | $ 148,000 | 148,000 | $ 148,000 | $ 148,000 | |||||||||||
$44 Million Term Loan Facility | Secured Debt | |||||||||||||||
Maximum borrowing capacity | 44,000 | ||||||||||||||
$44 Million Term Loan Facility | Secured Debt | Predecessor | |||||||||||||||
Maximum borrowing capacity | $ 44,000 | ||||||||||||||
$22 Million Term Loan Facility | Secured Debt | |||||||||||||||
Maximum borrowing capacity | $ 22,000 | $ 22,000 | |||||||||||||
$22 Million Term Loan Facility | Secured Debt | Predecessor | |||||||||||||||
Maximum borrowing capacity | $ 22,000 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
GENERAL INFORMATION | |
GENERAL INFORMATION | 1 - GENERAL INFORMATION The accompanying consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries, including Baltic Trading Limited (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands and as of December 31, 2016, is the sole owner of all of the outstanding shares of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; and the ship-owning subsidiaries as set forth below under “Other General Information.” As of December 31, 2016, Genco Ship Management LLC is the sole owner of all of the outstanding limited liability company interests of Genco Management (USA) Limited. On April 15, 2016, the shareholders of the Company approved, at a Special Meeting of Shareholders (the “Special Meeting”), proposals to amend the Second Amended and Restated Articles of Incorporation of the Company to (i) increase the number of authorized shares of common stock of the Company from 250,000,000 to 500,000,000 and (ii) authorize the issuance of up to 100,000,000 shares of preferred stock, in one or more classes or series as determined by the Board of Directors of the Company. The authorized shares did not change as a result of the reverse stock split as discussed below. Following the Special Meeting on such date, the Company filed Articles of Amendment of its Second Amended and Restated Articles of Incorporation with the Registrar of Corporations of the Republic of the Marshall Islands to implement to the foregoing amendments. Additionally, at the Special Meeting, the shareholders of the Company approved a proposal to amend the Second Amended and Restated Articles of Incorporation of the Company to effect a reverse stock split of the issued and outstanding shares of Common Stock at a ratio between 1-for-2 and 1-for-25 with such reverse stock split to be effective at such time and date, if at all, as determined by the Board of Directors of the Company, but no later than one year after shareholder approval thereof. On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock. As a result, all share and per share information included for all periods presented in these consolidated financial statements, with the exception of any share information for Baltic Trading and for the Predecessor Company (as defined in the “Bankruptcy Filing” section below), reflect the reverse stock split. Refer to Note 7 — Net Loss per Common Share and Note 23 — Stock-Based Compensation. On October 13, 2016, Peter C. Georgiopoulos resigned as Chairman of the Board and a director of the Company. The Board of Directors appointed Arthur L. Regan, a director of the Company, as Interim Executive Chairman of the Board. In connection with his departure, Mr. Georgiopoulos entered into a Separation Agreement and a Release Agreement with the Company on October 13, 2016. Under the terms of these agreements, subject to customary conditions, Mr. Georgiopoulos received an amount equal to the annual Chairman’s fee awarded to him in recent years of $500 as a severance payment and full vesting of his unvested equity awards, which consisted of grants of 68,581 restricted shares of the Company’s common stock and warrants exercisable for approximately 213,937 shares of the Company’s common stock with an exercise price per share ranging $259.10 to $341.90. Refer to Note 23 — Stock-Based Compensation. The agreements also contain customary provisions pertaining to confidential information, releases of claims by Mr. Georgiopoulos, and other restrictive covenants. On November 15, 2016, pursuant to the Purchase Agreements (as defined in Note 9 — Debt), the Company completed the private placement of 27,061,856 shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”) which included 25,773,196 shares at a price per share of $4.85 and an additional 1,288,660 shares issued as a commitment fee on a pro rata basis. The Company received net proceeds of $120,789 after deducting underwriters’ fees and expenses. On January 4, 2017, the Company’s shareholders approved at a Special Meeting of Shareholders the issuance of up to 27,061,856 shares of common stock of the Company upon the conversion of shares of the Series A Preferred Stock, par value $0.01 per share, which were purchased by certain investors in a private placement (the “Conversion Proposal”). As a result of shareholder approval of the Conversion Proposal, all outstanding 27,061,856 shares of Series A Preferred Stock were automatically and mandatorily converted into 27,061,856 shares of common stock of the Company on January 4, 2017. Merger Agreement with Baltic Trading On April 7, 2015, the Company entered into a definitive merger agreement with Baltic Trading Limited ("Baltic Trading") under which the Company acquired Baltic Trading in a stock-for-stock transaction (the “Merger”). Under the terms of the agreement, Baltic Trading became an indirect wholly-owned subsidiary of the Company, and Baltic Trading shareholders (other than the Company and its subsidiaries) received 0.216 shares of the Company’s common stock for each share of Baltic Trading’s common stock they owned at closing, with fractional shares settled in cash. Upon consummation of the transaction on July 17, 2015, the Company’s shareholders owned approximately 84.5% of the combined company, and former Baltic Trading’s shareholders (other than the Company and its subsidiaries) owned approximately 15.5% of the combined company. Shares of Baltic Trading’s Class B stock (all of which were owned by the Company) were canceled in the Merger. The Company’s common stock began trading on the New York Stock Exchange after consummation of the transaction on July 20, 2015. The Boards of Directors of both the Company and Baltic Trading established independent special committees to review the transaction and negotiate the terms on behalf of their respective companies. Both independent special committees unanimously approved the transaction. The Boards of Directors of both companies approved the Merger by unanimous vote of directors present and voting, with Peter C. Georgiopoulos, former Chairman of the Board of each company, recusing for the vote. The Merger was approved on July 17, 2015 at the 2015 Annual Meeting of Shareholders (the “2015 Annual Meeting”). Prior to the completion of the Merger, the Company prepared its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and consolidated the operations of Baltic Trading. The Baltic Trading common shares that the Company acquired in the Merger were previously recognized as a noncontrolling interest in the consolidated financial statements of the Company. Under U.S. GAAP, changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are considered equity transactions (i.e. transactions with owners in their capacity as owners) with any difference between the amount by which the noncontrolling interest is adjusted and the fair value of the consideration paid attributed to the equity of the parent. Accordingly, any difference between the fair value of the Company’s common shares issued in exchange for Baltic Trading common shares pursuant to the Merger was reflected as an adjustment to the equity in the Company. No gain or loss was recognized in the Company’s Consolidated Statement of Comprehensive Loss upon completion of the transaction. Acquisition of Baltic Lion and Baltic Tiger Additionally, on April 7, 2015, the Company entered into an agreement under which the Company acquired all of the shares of two single-purpose vessel owning entities that were wholly owned by Baltic Trading, each of which owned one Capesize drybulk vessel, specifically the Baltic Lion and Baltic Tiger, for an aggregate purchase price of $68,500, subject to reduction for $40,563 of outstanding first-mortgage debt of such single-purpose entities that was guaranteed by the Company. For further details, refer to the “Impairment of long-lived assets” section in Note 2 — Summary of Significant Accounting Policies. These transactions, which closed on April 8, 2015, were accounted for pursuant to accounting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), for transactions amongst entities under common control. Accordingly, the difference between the cash paid to Baltic Trading and the Company’s carrying value of the Baltic Lion and Baltic Tiger as of the closing date of $590 was reflected as an adjustment to Additional paid-in capital in the Consolidated Statements of Equity during the year ended December 31, 2015. The independent special committees of both companies’ Boards of Directors reviewed and approved these transactions. Bankruptcy Filing On April 21, 2014 (the “Petition Date”), GS&T and its subsidiaries other than Baltic Trading and its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors continued to operate their businesses in the ordinary course as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Through the Chapter 11 Cases, the Debtors implemented a Prepackaged Plan of Reorganization of the Debtors Pursuant to Chapter 11 of the Bankruptcy Code (the “Prepack Plan”) for which the Company solicited votes from certain classes of its creditors prior to commencement of the Chapter 11 Cases in accordance with the Restructuring Support Agreement that the Debtors entered into with certain of its creditors on April 3, 2014. The Company subsequently emerged from bankruptcy on July 9, 2014. The filing of the Chapter 11 Cases constituted an event of default with respect to each of the following agreements or instruments: · the Credit Agreement, dated as of July 20, 2007 (as amended to date), by and among the Company as borrower, the banks and other financial institutions named therein as lenders, Wilmington Trust, N.A., as successor administrative and collateral agent, and the other parties thereto, relating to approximately $1,055,912 of principal plus accrued and unpaid interest, fees, costs, and other expenses (the “2007 Credit Facility”); · the Loan Agreement, dated as of August 20, 2010 (as amended to date), by and among the Company as borrower, Genco Aquitaine Limited and the other subsidiaries of the Company named therein as guarantors, the banks and financial institutions named therein as lenders, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE, Deutsche Bank AG Filiale Deutschlandgeschaft, Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE, Deutsche Bank AG, Skandinaviska Enskilda Banken AB (publ) as swap providers, and Deutsche Bank Luxembourg S.A. as agent for the lenders and the assignee, relating to approximately $175,718 of principal and accrued and unpaid interest, fees, costs, and other expenses (the “$253 Million Term Loan Facility”); · the Loan Agreement, dated as of August 12, 2010 (as amended to date), by and among the Company as borrower, Genco Ocean Limited and the other subsidiaries of the Company named therein as guarantors, the banks and financial institutions named therein as lenders, and Credit Agricole Corporate and Investment Bank as agent and security trustee, relating to approximately $73,561 of principal plus accrued and unpaid interest, fees, costs, and other expenses (the “$100 Million Term Loan Facility”); · the Indenture and First Supplemental Indenture relating to $125,000 of principal plus accrued and unpaid interest outstanding of the Company’s 5.00% Convertible Senior Notes (the “2010 Notes”) due August 15, 2015 (the “Indenture”); and · the outstanding interest rate swap with DNB Bank ASA, relating to a liability position of $5,622. As a result of the filing of the Chapter 11 Cases, all indebtedness outstanding under the 2007 Credit Facility and the Indenture was accelerated and became due and payable, and indebtedness under the other agreements and instruments described above were accelerated and become due and payable upon notice to the Company, subject to an automatic stay of any action to collect, assert, or recover a claim against the Company or the other Debtors and the application of the applicable provisions of the Bankruptcy Code. On July 2, 2014, the Bankruptcy Court entered an order (the “Confirmation Order”), confirming the First Amended Prepackaged Plan of Reorganization of the Debtors Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”). Capitalized terms used but not defined below shall have the meanings given to them in the Plan. On July 9, 2014 (the “Effective Date”), the Debtors completed their financial restructuring and emerged from Chapter 11 through a series of transactions contemplated by the Plan, and the Plan became effective pursuant to its terms. References to “Successor Company” refer to the Company after July 9, 2014, after giving effect to the application of fresh-start reporting (see “Financial Statement Presentation” section below). References to “Predecessor Company” refer to the Company prior to July 9, 2014. Key components of the Plan included: · The conversion of 100% of the Claims under the 2007 Credit Facility into 81.1% of the Successor Company Common Stock (subject to dilution by the warrants issued under the Plan). On the Effective Date, the 2007 Credit Facility was terminated, and the liens and mortgages thereunder were released. Refer to Note 9 — Debt for further information. · The conversion of 100% of the Claims under the 2010 Notes into 8.4% of the Successor Company Common Stock (subject to dilution by the warrants issued under the Plan). On the Effective Date, the 2010 Notes and the Indenture were fully satisfied and discharged. Refer to Note 10 — Convertible Senior Notes for further information. · A fully backstopped Rights Offering for approximately 8.7% of the Successor Company Common Stock, in which holders of 2007 Credit Facility Claims were entitled to subscribe for up to 80% of the Successor Company Common Stock offered, and holders of the 2010 Notes Claims were entitled to subscribe for up to 20% of the Successor Company Common Stock being offered under the Rights Offering for an aggregate subscription price of $100,000. · The amendment and restatement of the $253 Million Term Loan Facility and the $100 Million Term Loan Facility as of the Effective Date, with extended maturities, a financial covenant holiday and certain other amendments, as discussed further in Note 9 — Debt. · The cancellation of the common stock of the Predecessor Company as of the Effective Date, with the holders thereof receiving warrants to acquire shares of the Successor Company Common Stock. Each of the Successor Company’s Equity Warrants is exercisable for one share of the Successor Company’s Common Stock, and holders received an aggregate of 3,938,298 of the Successor Company’s Equity Warrants for the common stock of the Predecessor Company. The Successor Company’s Equity Warrants in the aggregate are exercisable for approximately 6% of the Successor Company Common Stock (subject to dilution). · Reinstatement, non-impairment or payment in full in the ordinary course of business during the pendency of the Chapter 11 Cases of all Allowed General Unsecured Claims, including Allowed Claims of trade vendors, suppliers, customers and charterers, per the approval by the Bankruptcy Court. · The non-impairment of all other General Unsecured Claims under Section 1124 of the Bankruptcy Code. · The establishment of the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”), which provides for the distribution of the Successor Company’s MIP Primary Equity in the form of shares representing 1.8% of the Successor Company’s Common Stock and three tiers of the Successor Company’s MIP Warrants (“MIP Warrants”) with staggered strike prices based on increasing equity values to the participating officers, directors, and other management of the Successor Company. These awards were made on August 7, 2014. Refer to Note 23 — Stock-Based Compensation. Registration Rights Agreement On the Effective Date, the Successor Company and the Registration Rights Parties entered into the Registration Rights Agreement. The Registration Rights Agreement provided the Registration Rights Parties who receive 10% or more of the Successor Company’s Common Stock under the Plan with demand and piggyback registration rights. This agreement was amended and restated in connection with our $125,000 equity raise to cover shares issued to with funds or related entities managed by Centerbridge Partners, L.P. or its affiliates (“Centerbridge”), Strategic Value Partners, LLC (“SVP”) and Apollo Global Management, LLC (“Apollo”). See Note 9 — Debt for further details of this equity raise. Reorganization Value The Plan as confirmed by the Bankruptcy Court estimated the distributable value of the Successor’s equity to be $1.23 billion (the “Distributable Value”). Various valuation methodologies were considered in the bankruptcy proceedings to estimate the Distributable Value. These methodologies included: · An asset-based methodology using net asset value, which incorporated (i) third-party appraisals of vessels, (ii) trading values for freely traded securities, (iii) book values for other balance sheet accounts and (iv) discounted cash flows for material contracts. · A precedent transactions methodology, which incorporated relevant transactions announced in the previous five years. · A comparable company methodology, which evaluated drybulk companies with similar operating profiles and adjusting to reflect differing characteristics like vessel ages. The comparable company methodology takes into account comparable companies’ (i) capital structure, (ii) trading values, (iii) asset values, and (iv) projected EBITDA. Projected EBITDA of each comparable company was determined by relying on equity research analyst projections. · A discounted cash flow methodology, which was premised on (i) the Company’s business plan, which incorporated leading industry consultant charter rate forecasts, (ii) a weighted average cost of capital of 10.1% and (iii) a terminal value based on the projected asset value of the fleet at the end of the four-year projection period. The Distributable Value of the Company ranged from $1.1 - $1.4 billion based upon consideration of these various methodologies. Ultimately, after this was challenged in the bankruptcy proceedings, the bankruptcy court approved a Distributable Value in the amount of $1.23 billion in conjunction with confirmation of the plan, which was within this range and based on the asset-based methodology described above. Management believed that the Distributable Value of $1.23 billion, which was derived using the asset based methodology described above and was approved by the bankruptcy court, provided the best representation of the Company’s post-emergence reorganization value as defined in ASC 852, “Reorganizations” (“ASC 852”). Such valuation assumptions are not a prediction or reflection of post-confirmation trading prices of the Debtors’ common stock. Such securities may trade at substantially lower or higher prices because of a number of factors. The trading prices of securities issued under a plan of reorganization are subject to many unforeseen circumstances and therefore cannot be predicted. The Company’s reorganization plan was based upon a distributable value of $1.23 billion which was agreed to by the prepetition lenders as part of a settlement embodied in the plan. Successor Company Equity Warrant Agreement On the Effective Date, pursuant to the Plan, the Successor Company’s Equity Warrants totaling 3,938,298 were issued pursuant to the terms of the Successor Company’s Equity Warrant Agreement (the “Equity Warrants”). Each of the Equity Warrants has a 7-year term (commencing on the day following the Effective Date) and are exercisable for one share of the Successor Company’s Common Stock. The Equity Warrants are exercisable on a cashless basis at an exercise price of $209.90 per share. The Successor Company’s Equity Warrant Agreement contains customary anti-dilution adjustments in the event of any stock split, reverse stock split, stock dividend, reclassification, dividend or other distributions (including, but not limited to, cash dividends), or business combination transaction. As of December 31, 2016 and 2015, 3,936,761 Equity Warrants were not exercised. The Equity Warrants were distributed to holders of the common stock of the Predecessor Company, which was cancelled as of the Effective Date. Shares of common stock of the Predecessor Company issued to directors, officers and employees of Genco under compensatory plans that were unvested as of the Effective Date were deemed vested automatically on the Effective Date, so that all Equity Warrants received in exchange were therefore deemed vested. Refer to Note 23 — Stock-Based Compensation for further information. Financial Statement Presentation Upon the Company’s emergence from the Chapter 11 Cases on July 9, 2014, the Company adopted fresh-start reporting in accordance with provisions of ASC 852. Upon adoption of fresh-start reporting, the Company’s assets and liabilities were recorded at their value as of the fresh-start reporting date. The fair values of the Company’s assets and liabilities in conformance with ASC 805, “Business Combinations,” as of that date differed materially from the recorded values of its assets and liabilities as reflected in its historical consolidated financial statements. In addition, the Company’s adoption of fresh-start reporting may materially affect its results of operations following the fresh-start reporting dates, as the Company will have a new basis in its assets and liabilities. Consequently, the Company’s historical financial statements may not be reliable indicators of its financial condition and results of operations for any period after it adopted fresh-start reporting. As a result of the adoption of fresh-start reporting, the Company’s consolidated balance sheets and consolidated statements of operations subsequent to July 9, 2014 will not be comparable in many respects to our consolidated balance sheets and consolidated statements of operations prior to July 9, 2014. Under ASC 852, fresh-start reporting is required upon emergence from Chapter 11 if (i) the value of the assets of the emerging entity immediately before the date of confirmation is less than the total of all post-petition liabilities and allowed claims; and (ii) holders of existing voting shares immediately before confirmation receive less than 50% of the voting shares of the emerging entity. Accordingly, the Company qualified for and adopted fresh-start reporting as of the Effective Date. Adopting fresh-start reporting results in a new reporting entity with no beginning retained earnings or deficit. The cancellation of all existing shares outstanding on the Effective Date and issuance of new shares of the reorganized entity caused a related change of control of the Company under ASC 852. The following fresh-start balance sheet illustrates the financial effects on the Company of the implementation of the Plan and the adoption of fresh-start reporting. This fresh-start balance sheet reflects the effect of the completion of the transactions included in the Plan, including the issuance of equity and the settlement of old indebtedness. See Note 25 for details associated with the restatement of the certain previously reported financial information associated with the accounting for these transactions. The effects of the Plan and fresh-start reporting on the Company’s consolidated balance sheet (as restated) are as follows: Fresh-Start Adjustments Debt Discharge and Reinstatement Revaluation of Predecessor Equity of Assets and Successor July 9, 2014 Issuance (a) Liabilities (b) Liabilities (c) July 9, 2014 Assets Current assets: Cash and cash equivalents $ $ $ — $ — $ Restricted cash — — — Due from charterers, net — — — Prepaid expenses and other current assets — — Time charters acquired — — — Total current assets — Noncurrent assets: Vessels, net — — Deposits on vessels — — Deferred drydock, net — — Deferred financing costs, net — — Fixed assets, net — — Other noncurrent assets — — — Restricted cash — — — Investments — — — Goodwill — — — Total noncurrent assets — Total assets $ $ $ — $ $ Liabilities and Equity Current liabilities not subject to compromise: Accounts payable and accrued expenses $ $ $ $ — $ Current portion of long-term debt — — Deferred revenue — — — Time charters acquired — — — Total current liabilities not subject to compromise Noncurrent liabilities not subject to compromise: Long-term lease obligations — — — Long-term debt — — Total noncurrent liabilities not subject to compromises — Total liabilities subject to compromise — — Total liabilities — Equity: Genco Shipping & Trading Limited shareholders’ equity: Predecessor Common stock — — — Predecessor Additional paid-in capital — — — Successor Common stock — — — Successor Additional paid-in capital — — — Accumulated other comprehensive income — — — Retained (deficit) earnings — — Total Genco Shipping & Trading Limited shareholders’ equity — Noncontrolling interest — — Total equity — Total liabilities and equity $ $ $ — $ $ (a) Debt Discharge and Equity Issuance — this column reflects the following adjustments pursuant to the Plan: 1. Items comprising the net gain on settlement of liabilities subject to compromise in exchange for equity issuance — see Note 18. Predecessor Period from January 1 to July 9, 2014 Discharge of the outstanding debt under the 2007 Credit Facility $ Discharge of the long-term interest payable due pursuant to the 2007 Credit Facility Discharge of the 2010 Notes liability Discharge of coupon interest on the 2010 Notes liability The elimination of deferred financing fees associated with the discharged obligations The elimination of accumulated other comprehensive income related to interest rate swaps associated with the discharged obligations Issuance of Successor common stock Net gain on the discharge of Predecessor liabilities related to liabilities subject to compromise and associated issuance of Successor equity $ 2. Other items associated with the settlement of liabilities subject to compromise: · The payment of interest expense accrued up to the Effective Date of $1,772, $59 and $156 for the 2007 Credit Facility, the $100 Million Term Loan Facility and the $253 Million Term Loan Facility, respectively. · The paydown on the Effective Date of $1,923 and $5,075 for the $100 Million Term Loan Facility and $253 Million Term Loan Facility, respectively, which were due on the Effective Date as they were not paid during the pendency of the Chapter 11 Cases. · The payment of deferred financing fees of $3,490 for the Amended and Restated $100 Million and $253 Million Term Loan Facilities. 3. The reclassification to retained (deficit) earnings of $34,931 related to the gain associated with the Company’s investments. 4. The reclassification of $900 of initial equity to accounts payable that represents the estimated amount of the notes discharged that will be paid in cash to nonaccredited investors. 5. The reclassification to retained (deficit) earnings of the Predecessor common stock of $445 and Predecessor additional paid in capital of $849,130. 6. Receipt of the proceeds of the $100,000 rights offering pursuant to the Plan. (b) Reinstatement of Liabilities — this column reflects the reinstatement of the remaining Liabilities subject to compromise for the Predecessor Company which were not already adjusted in the Debt Discharge and Equity Issuance column. It includes the following adjustments: · The reclassification of the debt outstanding under the Amended and Restated $100 Million Term Loan Facility. This includes $7,692 of current long-term debt and $63,946 of long-term debt. · The reclassification of the debt outstanding under the Amended and Restated $253 Million Term Loan Facility. This includes $20,300 of current long-term debt and $150,343 of long-term debt. · The reinstatement of $5,622 related to the termination of the interest rate swap agreement with DNB Bank ASA. · The reinstatement of the $815 lease obligation. · The reinstatement of $41 of pre-petition accounts payable due to vendors in the United States. (c) Revaluation of Assets and Liabilities — Fresh-start reporting adjustments are made to reflect asset values at their estimated fair value, including: · Adjustment of $179 to prepaid amounts for the Predecessor Company. · Adjustment to reflect the fair value of time charters acquired of $434. · Adjustment of $1,083,404 to reflect the fair value of vessel assets, vessel deposits, drydocking assets and other fixed assets as of the Effective Date. The portion of the asset revaluation associated with Baltic Trading’s noncontrolling interest in the amount of $74,355 was reflected as a reduction of noncontrolling interest. · Adjustment of $2,670 to reflect the fair value of the Company’s current lease agreement, which was previously recorded as long-term lease obligations. As of the Effective Date, the lease agreement has been valued at below market; therefore, we have recorded in “Prepaid expenses and other current assets” an asset of $138, which will be amortized over the remaining life of the lease agreement. · Goodwill in the amount of $166,067 was recognized, which represents the portion of the total reorganization value that was not attributed to specific tangible or identifiable intangible assets. The portion of the goodwill recognized in relation to Baltic Trading noncontrolling interest in the amount of $24,022 was reflected as an increase in noncontrolling interest. A summary of the allocation of the reorganization value to the fair value of the Successor Company net assets, including goodwill, is as follows: Total Reorganization Value Value of shares issued to pre-petition claimants $ Proceeds of rights offering $ Estimated fair value of debt Current portion of long-term debt Long term debt Estimated fair value of non-debt liabilities Deferred revenue Accounts payable and accrued expenses Noncontrolling interest Reorganization value of assets Estimated fair value of assets (excluding goodwill) (a) Reorganization value of assets in excess of fair value — goodwill $ (a) Estimated fair value of assets (excluding goodwill) consists of: Total current assets $ Vessels, net Deposits on vessels Deferred drydock, net Deferred financing costs, net Fixed assets, net Other noncurrent assets Restricted cash Investments Total assets excluding goodwill $ · The total reduction of $53,367 in noncontrolling interest is due to the adjustment of the fair value of the noncontrolling interest derived from the Baltic Trading asset revaluation and goodwill described above and an additional revaluation adjustment of $3,034. The revalued noncontrolling interest was determined based on a relative fair value allocation of Baltic Trading Limited’s estimated equity value as July 8, 2014, which multiplied the percentage of Baltic Trading Limited’s equity ownership attributable to non-controlling interests by the estimated equity value of Baltic Trading Limited as of such date. The estimated equity value of Baltic Trading Limited as of such date was determined by multiplying the closing price of Baltic Trading Limited's publicly traded common stock by the total number of shares of Baltic Trading Limited’s common stock and Class B stock outstanding on July 8, 2014. Other General Information Baltic Trading was a wholly-owned indirect subsidiary of GS&T until Baltic Trading completed its initial public offering, or IPO, on March 15, 2010. As of December 31, 2014, Genco Investments LLC owned 6,356,471 shares of Baltic Trading’s Class B Stock, which represented a 10.85% ownership intere |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries, including Baltic Trading. All intercompany accounts and transactions have been eliminated in consolidation. Business geographics The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. Vessel acquisitions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition. When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter. Segment reporting The Company reports financial information and evaluates its operation by voyage revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, after the effective date of the Merger on July 17, 2015, which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. Prior to the Merger, the Company had two reportable operating segments, GS&T and Baltic Trading. Revenue and voyage expense recognition Since the Company’s inception, revenues have been generated from time charter agreements, pool agreements and spot market-related time charters. A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost or market adjustments to re-value the bunker fuel on a quarterly basis. These differences in bunkers, including lower of cost or market adjustments, resulted in a net loss of $4,920, $8,927 and $1,616 during the years ended December 31, 2016 and 2015 and during the period from July 9 to December 31, 2014, respectively, for the Successor Company. During the period from January 1 to July 9, 2014, the Predecessor Company recorded a net gain of $252. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. The Company records time charter revenues over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market. The Company recognizes voyage expenses when incurred. During the year ended December 31, 2016, six of the Company’s vessels were chartered under spot-market related time charters which included a profit-sharing element, the Genco Commodus, Baltic Lion, Genco London, Genco Maximus, Baltic Wasp and Baltic Wolf. Under these charter agreements, the rate for the spot market-related time charter was linked to a floor of $3 with a 50% index-based profit sharing component. During the year ended December 31, 2014, two of the Company’s vessels, the Genco Avra and Genco Spirit, were chartered under spot market-related time charters which included a profit-sharing element. The time charters for the Genco Avra and Genco Spirit ended during March 2014 and November 2014, respectively. Under these charter agreements, the rate for the spot market-related time charter was linked with a floor of $9 and a ceiling of $14 daily with a 50% profit sharing arrangement to apply to any amount above the ceiling. The rate was based on 115% of the average of the daily rates reflected in the daily reports of the Baltic Handysize Index. During the year ended December 31, 2015, there were no time charters with profit-sharing elements. At December 31, 2016 and 2015, 20 and 19 of the Company’s vessels were in vessel pools, respectively. At December 31, 2016 and 2015, the Company had 13 and 14 vessels, respectively, operating in the Clipper Logger Pool and the Clipper Sapphire Pool, vessel pools trading in the spot market for which Clipper Group acts as the pool manager. Additionally, at December 31, 2016 and 2015, the Company had seven and four vessels, respectively, operating in the Bulkhandling Handymax A/S Pool, a vessel pool trading in the spot market for which Torvald Klaveness acts as pool manager. Lastly, as of December 31, 2015, the Company had one vessel operating in the Navig8 Bulk Pool, a vessel pool trading in the spot market for which Navig8 Inc. acts as the pool manager. Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. Other operating income During the years ended December 31, 2016 and 2015 and the period from July 9 to December 31, 2014, the Successor Company recorded other operating income of $960, $0 and $530, respectively. During the period from January 1 to July 9, 2014, the Predecessor Company recorded other operating income of $0. Other Operating income recorded by the Successor Company during the year ended December 31, 2016 consists primarily of $934 received from Samsun Logix Corporation (“Samsun”) pursuant to the revised rehabilitation plan that was approved by the South Korean courts on April 8, 2016 which was settled in full on October 27, 2016. Other operating income recorded by the Successor Company during the period from July 9 to December 31, 2014 consists of $530 related to installments due from Samsun pursuant to the original rehabilitation plan which was approved by the South Korean courts on February 5, 2010. Refer to Note 21 — Commitments and Contingencies for further information regarding the bankruptcy settlement with Samsun. Due from charterers, net Due from charterers, net includes accounts receivable from charters, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2016 and 2015, the Company had a reserve of $283 and $429, respectively, against the due from charterers balance and an additional accrual of $220 and $498, respectively, in deferred revenue, each of which is primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements. Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available. Inventories Inventories consist of consumable bunkers, lubricants and victualling stores, which are stated at the lower of cost or market value and are recorded in Prepaid expenses and other current assets. Cost is determined by the first in, first out method. Vessel operating expenses Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred. General and administrative expenses During the year ended December 31, 2016, the Company opted to break out expenses previously classified as General, administrative and management fees into two separate categories to provide a greater level of detail of the underlying expenses. These fees were broken out into General and administrative expenses and Technical management fees. This change was made retrospectively for comparability purposes and there was no effect on the Net Loss for the Successor Company for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 or for the Predecessor Company for the period from January 1 to July 9, 2014. Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the Successor Company for the years ended December 31, 2016 and 2015 and the period from July 9 to December 31, 2014 was $71,829, $76,395 and $36,265, respectively. Depreciation expense for vessels for the Predecessor Company for the period from January 1 to July 9, 2014 was $71,756. Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective July 9, 2014, on the Effective Date, the Company increased the estimated scrap value of the vessels from $245 per lwt to $310 per lwt prospectively based on the 15-year average scrap value of steel. During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $2,860, $3,193 and $1,540, respectively, for the Successor Company. The decrease in depreciation expense does not take into effect the revaluation of the vessel assets due to fresh-start reporting. Vessels held for sale During December 2016, the Board of Directors authorized the sale of the Genco Success, Genco Prosperity and Genco Wisdom. As such, these vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions and Note 28 — Subsequent Events for additional information. Fixed assets, net Fixed assets, net are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 for the Successor Company was $388, $284 and $119, respectively. Depreciation and amortization expense for fixed assets for the period from January 1 to July 9, 2014 for the Predecessor Company was $458. Deferred drydocking costs The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the next drydock. Amortization expense for drydocking for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 for the Successor Company was $4,113, $2,877 and $330, respectively. Amortization expense for drydocking for the period from January 1 to July 9, 2014 for the Predecessor Company was $3,738. All other costs incurred during drydocking are expensed as incurred. Goodwill The Company follows the provisions of ASC Subtopic 350-20, “Intangibles - Goodwill and Other” (“ASC 350-20”). This statement requires that goodwill and intangible assets with indefinite lives be tested for impairment at least annually or when there is a triggering event and written down with a charge to operations when the carrying amount of the reporting unit that includes goodwill exceeds the estimated fair value of the reporting unit. If the carrying value of the goodwill exceeds the reporting unit’s implied goodwill, such excess must be written off. The Company recorded Goodwill of $166,067 upon adoption of fresh-start reporting in accordance with provisions of ASC 852 as of the Effective Date. Pursuant to the Company’s annual goodwill impairment testing performed as of December 31, 2014, it was determined that the entire amount of this goodwill was impaired. Refer to Note 4 — Goodwill Impairment. Impairment of long-lived assets During the years ended December 31, 2016 and 2015 and during the period from July 9 to December 31, 2014, the Successor Company recorded $69,278, $39,893 and $0, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). For the period from January 1 to July 9, 2014, there were no impairment charges recorded by the Predecessor Company. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. At June 8, 2016, the Company determined that the scrapping of nine of its vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, was more likely than not pursuant to the Commitment Letter entered into for the $400 Million Credit Facility as defined and disclosed in Note 9 — Debt. Therefore, at June 8, 2016, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced. After determining that the sum of the estimated undiscounted future cash flows attributable to the aforementioned nine vessels did not exceed the carrying value of the vessels at June 8, 2016, the Company reduced the carrying value of the nine vessels to their net realizable value, which was based on the expected net proceeds from scrapping the vessels. This resulted in an impairment loss of $67,594 during the year ended December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions for further information about the sale of these vessels. At March 31, 2016, the Company determined that the scrapping of the Genco Marine was more likely than not based on discussions with the Company’s Board of Directors. Therefore, at March 31, 2016, the time utilized to determine the recoverability of the carrying value of the vessel asset was significantly reduced. After determining that the sum of the estimated undiscounted future cash flows attributable to the Genco Marine did not exceed the carrying value of the vessel at March 31, 2016, the Company reduced the carrying value of the Genco Marine to its net realizable value, which was based on the expected proceeds from scrapping the vessel. This resulted in an impairment loss of $1,684 during the year ended December 31, 2016. On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine and the sale of the Genco Marine to the scrap yard was completed on May 17, 2016. At December 31, 2015, the Company determined that the future undiscounted cash flows did not exceed the net book value for the Genco Marine. As such, a $4,497 impairment loss was recorded in order to adjust the value of the Genco Marine to its fair market value as of December 31, 2015. Lastly, at March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger was more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels. Therefore, at March 31, 2015, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced, and after determining that the sum of the estimated undiscounted future cash flows attributable to the Baltic Lion and Baltic Tiger would not exceed the carrying value of the respective vessels, the Company reduced the carrying value of each vessel to its estimated fair value, which was determined primarily based on appraisals and third party broker quotes. This resulted in an impairment loss of $35,396. On April 8, 2015, the Baltic Lion and Baltic Tiger entities were sold to GS&T. Refer to Note 1 — General Information for details pertaining to the sale of these entities. As part of fresh-start reporting, the Company revalued its vessel assets at their fair values as of the Effective Date and the losses were recorded in Reorganization items, net in the Consolidated Statements of Operations. (Gain) loss on disposal of vessels During the years ended December 31, 2016 and 2015, the Successor Company recorded a gain of $3,555 and a loss of $1,210, respectively, related to the sale of vessels. During the year ended December 31, 2016, the Company recorded a net gain of $3,555 related to the sale of the Genco Marine, Genco Sugar, Genco Pioneer, Genco Leader and Genco Acheron. During the year ended December 31, 2015, the Company recorded a net loss of $1,210 related to the sale of the Baltic Lion and Baltic Tiger entities to GS&T from Baltic Trading on April 8, 2015. Deferred financing costs Deferred financing costs, included in other assets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense. Cash and cash equivalents The Company considers highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. Investments The Company held an investment in the capital stock of Jinhui Shipping and Transportation Limited (“Jinhui”) and in Korea Line Corporation (“KLC”). Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping. KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products. The investments in Jinhui and KLC were designated as AFS and were reported at fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”). The Company classified the investments as current or noncurrent assets based on the Company’s intent to hold the investments at each reporting date. As of December 31, 2016, the Company no longer held investments in Jinhui or KLC. Refer to Note 6 — Investments. Investments were reviewed quarterly to identify possible other-than-temporary impairment in accordance with ASC Subtopic 320-10, “Investments — Debt and Equity Securities” (“ASC 320-10”). When evaluating its investments, the Company reviewed factors such as the length of time and extent to which fair value has been below the cost basis, the financial condition of the issuer, the underlying net asset value of the issuers assets and liabilities, and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value. Should the decline in the value of any investment be deemed to be other-than-temporary, the investment basis would be written down to fair market value, and the write-down would be recorded to earnings as a loss. Refer to Note 6 — Investments. Income taxes Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements. GS&T is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, GS&T is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. GS&T is not taxable in any other jurisdiction, with the exception of Genco Management (USA) Limited, as noted below. GS&T will qualify for the Section 883 exemption if, among other things, (i) GS&T stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) GS&T satisfies the qualified shareholder test or the controlled foreign corporation test. Under applicable Treasury Regulations, the publicly-traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5% or more of GS&T’s stock (“5% shareholders”), together own 50% or more of GS&T’s stock (by vote and value) for more than half the days in such year (the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50% of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that is organized in a qualified foreign country and meets the publicly traded test. Based on the publicly traded requirement of the Section 883 regulations, GS&T believes that it qualified for exemption from income tax on income derived from the international operations of ships during the years ended December 31, 2016, 2015 and 2014. In order to meet the publicly traded requirement, GS&T’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, GS&T’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year. Management believes that during the years ended December 31, 2016, 2015 and 2014, the combined ownership of its 5% shareholders did not equal 50% or more of its common stock for more than half the days of each of those respective years, as applicable. If GS&T does not qualify for the Section 883 exemption, GS&T’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) would be subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). Prior to the Merger, Baltic Trading was also incorporated in the Marshall Islands and its stock is primarily traded on an established securities market in the U.S. However, GS&T indirectly owned shares of Baltic Trading’s Class B Stock which provided GS&T with over 50% of the combined voting power of all classes of Baltic Trading’s voting stock since Baltic Trading’s IPO was completed on March 15, 2010 until the Merger with Baltic Trading on July 17, 2015 (pursuant to which GS&T exchanged its shares for Baltic Trading’s outstanding common stock). As a result, Baltic Trading’s Class B Stock has not been treated as regularly traded (a corporation’s stock is not regularly traded if, amongst other things, 50% or more of its stock (by vote or value) is not listed on one or more established securities markets) and Baltic Trading did not satisfy the publicly traded test in 2015 (and could not satisfy the qualified shareholder test or the controlled foreign corporation test in 2015). Thus, Baltic Trading did not qualify for a Section 883 exemption in 2015. As such, Baltic Trading was subject to U.S. gross transportation income tax on its U.S. source shipping income. As a result of the Merger, Baltic Trading should qualify for the Section 883 exemption under the qualified shareholder test in 2016 and future taxable years as long as GS&T qualifies for the Section 883 exemption by satisfying the publicly-traded test in such years. During the year ended December 31, 2015 and the period from July 9 to December 31, 2014, Baltic Trading had U.S. source shipping income of $1,706 and $450, respectively. Baltic Trading’s estimated U.S. gross transportation income tax expense for the year ended December 31, 2015 and the period from July 9 to December 31, 2014 was $68 and $18, respectively. During the period from January 1 to July 9, 2014, Baltic Trading had U.S. source shipping income of $965. Baltic Trading’s U.S. gross transportation income tax expense for the period from January 1 to July 9, 2014 was $39. In addition to GS&T’s shipping income and pursuant to certain agreements, GS&T technically and commercially managed vessels for Baltic Trading until the Merger, as well as provided technical management of vessels for MEP in exchange for specified fees for these services provided. These services were performed by Genco Management (USA) Limited (“Genco (USA)”), which has elected to be taxed as a corporation for United States federal income tax purposes. As such, Genco (USA) is subject to United States federal income tax (currently imposed at graduated rates of up to 35%) on its worldwide net income, including the net income derived from providing these services. Genco (USA) has entered into a cost-sharing agreement with the Company and Genco Ship Management LLC, collectively “Manco,” pursuant to which Genco (USA) agrees to reimburse Manco for the costs incurred by Genco (USA) for the use of Manco’s personnel and services in connection with the provision of management services for both Baltic Trading and MEP’s vessels. Total revenue earned by the Successor Company for these services during the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 was $2,340, $6,410 and $3,893, respectively, of which $0, $3,235 and $2,309, respectively, eliminated upon consolidation. After allocation of certain expenses, there was taxable net income of $1,502 associated with these activities for the year ended December 31, 2016. This resulted in estimated U.S. federal net income tax expense of $709. After allocation of certain expenses, there was taxable net income of $3,880 associated with these activities for the year ended December 31, 2015. This resulted in estimated U.S. federal net income tax expense of $1,753 for the year ended December 31, 2015. After allocation of certain expenses, there was taxable net income of $2,178 associated with these activities for the period from July 9 to December 31, 2014. This resulted in estimated U.S. federal net income tax expense of $978 for the period from July 9 to December 31, 2014. Total revenue earned by the Predecessor Company for these services during the period from January 1 to July 9, 2014 was $3,857, of which $2,156 was eliminated upon consolidation. After allocation of certain expenses, there was taxable net income of $1,723 associated with these activities for the period from January 1 to July 9, 2014. This resulted in estimated U.S. federal net income tax expense of $776 for the period from January 1 to July 9, 2014. Deferred revenue Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. Refer to “Revenue and voyage expense recognition” above for description of the Company’s revenue recognition policy. Comprehensive income The Company follows ASC Subtopic 220-10, “Comprehensive Income” (“ASC 220-10”), which establishes standards for reporting and |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
CASH FLOW INFORMATION | |
CASH FLOW INFORMATION | 3 - CASH FLOW INFORMATION For the year ended December 31, 2016, the Successor Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $35 for the Purchase of vessels, including deposits, $20 for the Purchase of other fixed assets and $27 for the Net proceeds from sale of vessels. Additionally, for the year ended December 31, 2016, the Successor Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included Accounts payable and accrued expenses consisting of $1,103 associated with the Payment of Series A Preferred Stock issuance costs. Professional fees and trustee fees in the amount of $272 were recognized by the Successor Company in Reorganization items, net for the year ended December 31, 2016 (refer to Note 20). During this period, $294 of professional fees and trustee fees were paid through December 31, 2016 and $25 is included in Accounts payable and accrued expenses as of December 31, 2016. For the year ended December 31, 2015, the Successor Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $236 for the Purchase of vessels, including deposits and $121 for the Purchase of other fixed assets. Additionally, for the year ended December 31, 2015, the Successor Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $101 associated with the Cash settlement of non-accredited Note holders. During the year ended December 31, 2015, the Successor Company increased the amount of non-accredited holders of the Convertible Senior Notes, which were discharged on the Effective Date, which will be settled in cash versus settled with common shares. Lastly, for the year ended December 31, 2015, the Successor Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Prepaid expenses and other current assets consisting of ($14) associated with the Purchase of vessels, including deposits and $148 associated with the Sale of AFS Securities. Professional fees and trustee fees in the amount of $1,085 were recognized by the Successor Company in Reorganization items, net for the year ended December 31, 2015 (refer to Note 20). During this period, $1,351 of professional fees and trustee fees were paid through December 31, 2015 and $48 is included in Accounts payable and accrued expenses as of December 31, 2015. For the period from July 9 to December 31, 2014, the Successor Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $464 for the Purchase of vessels, including deposits and $22 for the Purchase of other fixed assets. Additionally, for the period from July 9 to December 31, 2014, the Successor Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $2,190 associated with the Payment of deferred financing fees. Lastly, for the period from July 9 to December 31, 2014, the Successor Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Prepaid expenses and other current assets consisting of $7 associated with the Purchase of vessels, including deposits. Professional fees and trustee fees in the amount of $1,591 were recognized by the Successor Company in Reorganization items, net for the period from July 9 to December 31, 2014 (refer to Note 20). During this period, $32,794 of professional fees and trustee fees were paid through December 31, 2014 and $313 is included in Accounts payable and accrued expenses as of December 31, 2014. For the period from January 1 to July 9, 2014, the Predecessor Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $53 for the Purchase of vessels, including deposits and $20 for the Purchase of other fixed assets. Additionally, for the period from January 1 to July 9, 2014, the Predecessor Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $456 associated with the Payment of deferred financing fees. Of the $35,232 of professional fees and trustee fees recognized in Reorganization items, net for the period from January 1 to July 9, 2014 by the Predecessor Company (refer to Note 20), $2,703 was paid through July 9, 2014 and $32,529 is included in Accounts payable and accrued expenses as of July 9, 2014. During the year ended December 31, 2016, the Successor Company made a reclassification of $4,840 from Vessels, net of accumulated depreciation to Vessels held for sale due to the approval by the Board of Directors to sell the Genco Success, Genco Wisdom and Genco Prosperity prior to December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions. During the year ended December 31, 2015, the Successor Company made a reclassification of $25,593 from Deposits on vessels to Vessels, net of accumulated depreciation, due to the completion of the purchase of the Baltic Wasp, Baltic Scorpion and Baltic Mantis. Additionally, during the period from July 9 to December 31, 2014, the Successor Company made a reclassification of $9,140 from Deposits on vessels to Vessels, net of accumulated depreciation, due to the completion of the purchase of Baltic Hornet. No such reclassifications were made by the Successor Company during the year ended December 31, 2016 or by the Predecessor Company during the period from January 1 to July 9, 2014. During the period from January 1 to July 9, 2014, the Predecessor Company made a reclassification of $984 from Fixed assets to Vessels, net of accumulated depreciation, for items that should be capitalized and depreciated over the remaining life of the respective vessels. During the years ended December 31, 2016 and 2015 and the period from July 9 to December 31, 2014, cash paid for interest by the Successor Company, net of amounts capitalized, was $25,619, $16,548 and $5,483, respectively. During the period from January 1 to July 9, 2014, cash paid for interest by the Predecessor Company, net of amounts capitalized and including bond coupon interest paid, was $40,209. During the years ended December 31, 2016 and 2015 and the period from July 9 to December 31, 2014, cash paid by the Successor Company for estimated income taxes was $703, $2,085 and $750, respectively. During the period from January 1 to July 9, 2014, cash paid by the Predecessor Company for estimated income taxes was $1,495. On May 18, 2016, the Successor Company issued 666,664 restricted stock units, or 66,666 restricted stock units on a post-reverse stock split basis, to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $340. Refer to Note 23 — Stock-Based Compensation. On February 17, 2016, the Successor Company granted 408,163 and 204,081 shares of nonvested stock, or 40,816 and 20,408 shares on a post-reverse stock split basis, under the 2015 Equity Incentive Plan to Peter C. Georgiopoulos, former Chairman of the Board of Directors, and John Wobensmith, President, respectively. The grant date fair value of such nonvested stock was $318. Refer to Note 23 — Stock-Based Compensation. On July 13, 2015 and July 29, 2015, the Successor Company issued 16,188 and 58,215 restricted stock units, respectively, or 1,619 and 5,821 shares on a post-reverse stock split basis, respectively, to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $113 and $416, respectively, and 1,619, 2,328 and 3,493 restricted stock units vested on July 17, 2015, February 17, 2016 and May 18, 2016, respectively. Refer to Note 23 — Stock-Based Compensation. On August 7, 2014, the Successor Company made grants of nonvested common stock pursuant to the MIP as approved by the Plan in the amount of 1,110,600 shares, or 111,060 shares on a post-reverse stock split basis, to the participating officers, directors and other management of the Successor Company. The aggregate fair value of such nonvested stock was $22,212. Additionally, on August 7, 2014, the Successor Company issued 8,557,461 MIP Warrants to the participating officers, directors and other management of the Successor Company. The aggregate fair value of these awards upon emergence from bankruptcy was $54,436. On April 9, 2014, Baltic Trading made grants of nonvested common stock in the amount of 36,345 shares to directors of Baltic Trading. The aggregate fair value of such nonvested stock was $225. Additionally, on December 18, 2014, 700,000 and 350,000 shares of Baltic Trading’s nonvested common stock were granted to Peter C. Georgiopoulos, former Chairman of the Board of Baltic Trading, and John Wobensmith, Baltic Trading’s President and former Chief Financial Officer, respectively. The grant date fair value of such nonvested stock was $2,615. On July 17, 2015, the date of Baltic Trading’s 2015 Annual Meeting of Shareholders, the aforementioned Baltic Trading shares vested automatically and received the same consideration in the Merger as holders of Baltic Trading’s common stock. Refer to Note 1 — General Information for further information. |
GOODWILL IMPAIRMENT
GOODWILL IMPAIRMENT | 12 Months Ended |
Dec. 31, 2016 | |
GOODWILL IMPAIRMENT | |
GOODWILL IMPAIRMENT | 4 - GOODWILL IMPAIRMENT ASC 350-20 bases the accounting for goodwill on the reporting units of the combined entity. Prior to the Merger with Baltic Trading on July 17, 2015, the Company had two reporting units as defined by criteria in ASC 350-20, GS&T and Baltic Trading. The Company recorded Goodwill of $166,067 in adopting fresh-start reporting in accordance with provisions of ASC 852 as of the Effective Date, which was allocated to its two reporting units based on their relative fair values as of that date. ASC 350-20 provides guidance for impairment testing of goodwill, which is not amortized. Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate that its carrying amount may not be recoverable, using a two-step process that begins with an estimation of the fair value of the Company’s reporting units. The first step is a screen for potential impairment and the second step measures the amount of impairment, if any. The first step involves a comparison of the estimated fair value of a reporting unit with its carrying amount. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is considered unimpaired. Conversely, if the carrying amount of the reporting unit exceeds its estimated fair value, the second step is performed to measure the amount of impairment, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by allocating the estimated fair value of the reporting unit to the estimated fair value of its existing assets and liabilities in a manner similar to a purchase price allocation. The unallocated portion of the estimated fair value of the reporting unit is the implied fair value of goodwill. If the implied fair value of goodwill is less than the carrying amount, an impairment loss, equivalent to the difference, is recorded as a reduction of goodwill and a charge to operating expense. In the Company’s annual test of goodwill for impairment on December 31, 2014, the Company estimated the fair value of the reporting units to which its goodwill had been allocated. For this purpose the Company used the trailing 10-year industry average rates for each vessel class, over the remaining useful life of each vessel, recognizing that the transportation drybulk products is cyclical in nature and is subject to wide fluctuation in rates, and management believes the use of a 10-year average is the best measure of future rates over the remaining useful life of the Company’s fleet. Also for this purpose, the Company uses a utilization rate based on the Company’s historic average. In addition, the Company expects to incur the following costs over the remaining useful lives of the vessels in the Company’s fleet: · Vessel operating costs based on historic and budgeted costs adjusted for inflation, · Drydocking costs based on historic costs adjusted for inflation, and · General and administrative costs adjusted for inflation. The more significant factors which could impact management’s assumptions regarding voyage revenues, drydocking costs and general and administrative expenses include, without limitation: (a) loss or reduction in business from the Company’s significant customers; (b) changes in demand; (c) material declines in rates in the drybulk market; (d) changes in production of or demand for drybulk products, generally or in particular regions; (e) greater than anticipated levels of newbuilding orders or lower than anticipated rates of scrapping; (f) changes in rules and regulations applicable to the drybulk industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries; (g) actions taken by regulatory authorities; and (h) increases in costs including without limitation: crew wages, insurance, provisions, repairs and maintenance. Step 1 of impairment testing as of December 31, 2014 consisted of determining and comparing the fair value of a reporting unit, calculated by weighting discounted expected future cash flows, the fair value of the vessels and other assets owned by the reporting unit and the fair value of the reporting units based on the public trading price of each reporting unit, to the carrying value of each reporting unit. Based on performance of this test, it was determined that the goodwill allocated to each reporting unit may be impaired. The Company then undertook the second step of the goodwill impairment test which involves the procedures discussed above. For purposes of determining the fair value of each reporting unit, the Company ascribed a weight of 75% to a valuation method based on the fair value of the reporting unit’s net assets; and 25% to the valuation method that utilized the public trading price of each reporting unit. There was no weight ascribed to a third valuation methodology considered by management, which was the discounted cash flow (“DCF”) valuation method due to the significant volatility in the drybulk rate market and the values derived by applying the DCF valuation method were not consistent with the other values derived in applying the other two valuation methodologies considered. As a result of this testing, management determined that all of the goodwill allocated to the two reporting units was impaired, which resulted in a write-off at December 31, 2014 of $166,067. This impairment is attributable to the progressive decline in vessel charter rates that occurred from the Effective Date to the Company’s annual goodwill impairment test date of December 31, 2014, which included significant declines during the fourth quarter of 2014, which affected both the reporting units’ vessel values and their publicly traded stock prices. Other than goodwill, the Company does not have any other intangible assets that are not amortized. |
VESSEL ACQUISITIONS AND DISPOSI
VESSEL ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2016 | |
VESSEL ACQUISITIONS AND DISPOSITIONS | |
VESSEL ACQUISITIONS AND DISPOSITIONS | 5 - VESSEL ACQUISITIONS AND DISPOSITIONS During December 2016, the Board of Directors unanimously approved the sale of the Genco Success, Genco Prosperity and Genco Wisdom and these vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2016. Refer to Note 28 — Subsequent Events for details of the sales. On November 7, 2016, the Board of Directors unanimously approved selling the Genco Acheron, a 1999-built Panamax vessel, and on November 14, 2016, the Company reached an agreement to sell the Genco Acheron to a third party for $3,480 less a 5.5% broker commission payable to a third party. The sale was completed on December 12, 2016. On October 24, 2016, the Board of Directors unanimously approved selling the Genco Leader, a 1999-built Panamax vessel, and on October 25, 2016, the Company reached an agreement to sell the Genco Leader to a third party for $3,470 less a 3.0% broker commission payable to a third party. The sale was completed on November 4, 2016. On November 4, 2016, the Company utilized the net proceeds from the sale to pay down $3,366 on the $148 Million Credit Facility as the Genco Leader is a collateralized vessel under this facility. On September 30, 2016, the Board of Directors unanimously approved selling the Genco Sugar, a 1998-built Handysize vessel, and on October 10, 2016, the Company reached an agreement to sell the Genco Sugar to a third party for $2,450 less a 5.5% broker commission payable to a third party. The sale was completed on October 20, 2016. On October 21, 2016, the Company utilized the net proceeds from the sale to pay down $2,315 on the $100 Million Term Loan Facility as the Genco Sugar was a collateralized vessel under this facility. On September 30, 2016, the Board of Directors unanimously approved selling the Genco Pioneer, a 1999-built Handysize vessel, and on October 8, 2016, the Company reached an agreement to sell the Genco Pioneer to a third party for $2,650 less a 5.5% broker commission payable to a third party. The sale was completed on October 26, 2016. On October 26, 2016 the Company utilized the net proceeds from the sale to pay down $2,504 on the $148 Million Credit Facility as the Genco Pioneer was a collateralized vessel under this facility. On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine. On May 17, 2016, the Company completed the sale of the Genco Marine. The Company realized a net loss of $77 and had net proceeds of $1,923 from the sale of the vessel, including costs incurred to deliver the vessel to the buyer, during the year ended December 31, 2016. The Company reached an agreement on May 6, 2016 to sell the Genco Marine, a 1996-built Handymax vessel, to be scrapped with Ace Exim Pte Ltd., a demolition yard, for a net amount $2,187 less a 2.0% broker commission payable to a third party. On November 13, 2013, Baltic Trading entered into agreements to purchase up to four 64,000 dwt Ultramax newbuilding drybulk vessels from Yangfan Group Co., Ltd. for a purchase price of $28,000 per vessel, or up to $112,000 in the aggregate. Baltic Trading agreed to purchase two such vessels, which have been renamed the Baltic Hornet and Baltic Wasp, and obtained an option to purchase up to two additional such vessels for the same purchase price, which Baltic Trading exercised on January 8, 2014. These vessels were renamed the Baltic Mantis and the Baltic Scorpion. The first of these vessels, the Baltic Hornet, was delivered to Baltic Trading on October 29, 2014. The Baltic Wasp was delivered to Baltic Trading on January 2, 2015. The Baltic Scorpion and the Baltic Mantis were delivered to the Company on August 6, 2015 and October 9, 2015, respectively. The Company used a combination of cash on hand, cash flow from operations as well as debt, including the $148 Million Credit Facility and the 2014 Term Loan Facilities as described in Note 9 — Debt, to fully finance the acquisition of these Ultramax newbuilding drybulk vessels. On December 30, 2014, Baltic Trading paid $19,645 for the final payment due for the Baltic Wasp, which has been classified as noncurrent Restricted Cash in the Consolidated Balance Sheets as of December 31, 2014 as the payment was held in an escrow account and not released to the seller until the vessel was delivered to Baltic Trading on January 2, 2015. Refer to Note 1 — General Information for a listing of the delivery dates for the vessels in the Company’s fleet. Below market time charters, including those acquired during previous periods, were amortized as an increase to voyage revenue by the Predecessor Company in the amount of $68 during the period from January 1 to July 9, 2014. As part of fresh-start reporting, the remaining liability for below market time charters was written-off during the re-valuation of our liabilities , refer to “Financial Statement Presentation” section in Note 1 — General Information. Additionally, as part of fresh-start reporting, an asset for above market time charters was recorded in Time charters acquired in the amount of $450 for the Genco Bourgogne, Genco Muse and Genco Spirit. These above market time charters were amortized as a decrease to voyage revenue by the Successor Company in the amount of $450 during the period from July 9 to December 31, 2014. There was no amortization recorded by the Successor Company during the years ended December 31, 2016 and 2015. The remaining unamortized fair market value of Time charters acquired at December 31, 2016 and 2015 was $0. Capitalized interest expense associated with the newbuilding contracts entered into by Baltic Trading as recorded by the Successor Company for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 was $0, $372 and $400, respectively. Capitalized interest expense associated with the newbuilding contracts entered into by Baltic Trading as recorded by the Predecessor Company for the period from January 1 to July 9, 2014 was $295. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENTS | |
INVESTMENTS | 6 - INVESTMENTS The Company held an investment in the capital stock of Jinhui and the stock of KLC. Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping. KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products. These investments were designated as AFS and were reported at fair value, with unrealized gains and losses recorded in equity as a component of AOCI. At December 31, 2016 and 2015, the Company held 0 and 15,706,825 shares of Jinhui capital stock, respectively, which is recorded at its fair value of $0 and $12,273, respectively. At December 31, 2016 and 2015, the Company held 0 and 3,355 shares of KLC stock, respectively, which is recorded at its fair value of $0 and $54, respectively. Prior to the sale of its remaining shares of Jinhui capital stock, the Company reviewed the investment in Jinhui for indicators of other-than-temporary impairment in accordance with ASC 320-10. Based on the Company’s review, it had deemed the investment in Jinhui to be other-than-temporarily impaired as of June 30, 2016, December 31, 2015 and September 30, 2015 due to the duration and severity of the decline in its market value versus its cost basis and the absence of the intent and ability to recover the initial carrying value of the investment. As a result, the Successor Company recorded an impairment charge in the Consolidated Statements of Operations of $2,696 and $37,877 during the years ended December 31, 2016 and 2015, respectively. The Company reviewed its investments in Jinhui and KLC for impairment on a quarterly basis. There were no impairment charges recorded by the Successor Company during the period from July 9 to December 31, 2014 or by the Predecessor Company during the period from January 1 to July 9, 2014. The Company’s investment in Jinhui was a Level 1 item under the fair value hierarchy, refer to Note 13 — Fair Value of Financial Instruments. The unrealized gains (losses) on the Jinhui capital stock and KLC stock were a component of AOCI since these investments were designated as AFS securities. As part of fresh-start reporting, the Company revised its cost basis for its investments in Jinhui and KLC based on their fair values on the Effective Date. As a result of the other-than-temporary impairment of the investment in Jinhui, the cost basis for the investment in Jinhui was revised to its fair value on the date that the investment was deemed to be other-than-temporarily impaired. Refer to Note 12 — Accumulated Other Comprehensive Income (Loss) for a breakdown of the components of AOCI, including the effects of the sale of Jinhui and KLC shares and the other-than-temporary impairment of the investment in Jinhui. |
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2016 | |
NET LOSS PER COMMON SHARE | |
NET LOSS PER COMMON SHARE | 7 - NET LOSS PER COMMON SHARE The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net loss per share assumes the vesting of nonvested stock awards (refer to Note 23 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. Of the 89,526 nonvested shares outstanding, including RSUs, at December 31, 2016 for the Successor Company (refer to Note 23 — Stock-Based Compensation), all are anti-dilutive. Of the 713,122 MIP Warrants and 3,936,761 Equity Warrants outstanding at December 31, 2016, all are anti-dilutive. The Successor Company’s diluted net loss per share will also reflect the assumed conversion of the Equity Warrants (refer to Note 1 — General Information) and MIP Warrants issued by the Successor Company (refer to Note 23 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. Of the 27,061,856 shares of Series A Preferred Stock outstanding at December 31, 2016, all are anti-dilutive. The Successor Company’s diluted net loss per share will also reflect the assumed conversion of the shares of Series A Preferred Stock (refer to Note 1 — General Information) if the impact is dilutive. The Predecessor Company’s diluted net loss per share also reflected the assumed conversion under the Predecessor Company’s convertible debt if the impact was dilutive under the “if converted” method. The impact of the shares convertible under the Predecessor Company’s convertible notes was excluded from the computation of diluted net loss per share when interest expense per common share obtainable upon conversion was greater than basic earnings per share. On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock. As a result, all share and per share information included for all periods presented for the Successor Company in these consolidated financial statements reflect the reverse stock split. The components of the denominator for the calculation of basic net loss per share and diluted net loss per share are as follows: Successor Predecessor Year Year Period from Period from Ended Ended July 9 to January 1 to December 31, December 31, December 31, July 9, 2016 2015 2014 2014 Common shares outstanding, basic: Weighted-average common shares outstanding, basic Common shares outstanding, diluted: Weighted-average common shares outstanding, basic Dilutive effect of Series A Preferred Stock — — — — Dilutive effect of warrants — — — — Dilutive effect of convertible notes — — — — Dilutive effect of restricted stock awards — — — — Weighted-average common shares outstanding, diluted The following table sets forth a reconciliation of the net loss attributable to GS&T and the net loss attributable to GS&T for diluted net loss per share under the “if-converted” method: Successor Predecessor Year Year Period from Period from Ended Ended July 9 to January 1 to December 31, December 31, December 31, July 9, 2016 2015 2014 2014 Net loss attributable to GS&T $ $ $ $ Interest expense related to convertible notes, if dilutive — — — — Net loss attributable to GS&T for the computation of diluted net loss per share $ $ $ $ |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 8 - RELATED PARTY TRANSACTIONS On October 13, 2016, Peter C. Georgiopoulos resigned as Chairman of the Board and a Director of the Company, refer to Note 1 — General Information. The following represent related party transactions reflected in these consolidated financial statements: Until December 31, 2014, the Company made available employees performing internal audit services to Gener8 Maritime, Inc. (“Gener8”), formerly General Maritime Corporation, where the Company’s former Chairman, Peter C. Georgiopoulos, serves as Chairman of the Board. For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company invoiced $0, $0 and $12, respectively, to Gener8 and for the period from January 1 to July 9, 2014, the Predecessor Company invoiced $72 to Gener8. The amounts billed to Gener8 include time associated with such internal audit services and other expenditures. Additionally, for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company incurred travel and other office related expenditures totaling $73, $111 and $53, respectively. For the period from January 1 to July 9, 2014, the Predecessor Company incurred travel and other office related expenditures totaling $49. These amounts are reimbursable to Gener8 or its service provider. At December 31, 2016 and 2015, the amount due to Gener8 from the Company was $0 and $8, respectively. During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company incurred legal services (primarily in connection with vessel acquisitions) aggregating $0, $18 and $11, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, the former Chairman of the Board. Additionally, during the period from January 1 to July 9, 2014, the Predecessor Company incurred legal services aggregating $3 from Constantine Georgiopoulos. At December 31, 2016 and 2015, the amount due to Constantine Georgiopoulos was $10 and $11, respectively. The Company has entered into agreements with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in the their fleets. Peter C. Georgiopoulos, former Chairman of the Board of the Company, is Chairman of the Board of Aegean. During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, Aegean supplied lubricating oils and bunkers to the Successor Company’s vessels aggregating $1,188, $1,725 and $790, respectively. During the period from January 1 to July 9, 2014, Aegean supplied lubricating oils to the Predecessor Company’s vessels aggregating $1,087. At December 31, 2016 and 2015, $0 and $219 remained outstanding, respectively. During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $2,325, $3,233 and $1,618, respectively. During the period from January 1 to July 9, 2014, the Predecessor Company invoiced MEP for technical services provided and expenses paid on MEP’s behalf aggregating $1,743. Peter C. Georgiopoulos, former Chairman of the Board, was a director of and had a minority interest in MEP. At December 31, 2016 and 2015, $0 and $603, respectively, was due to the Company from MEP. Total service revenue earned by the Successor Company, including termination fees, for technical service provided to MEP for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 was $2,340, $3,175 and $1,584, respectively. Total service revenue earned by the Predecessor Company for technical services provided to MEP for the period from January 1 to July 9, 2014 was $1,701. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2016 | |
DEBT | |
DEBT | 9 - DEBT Long-term debt consists of the following: Successor Successor December 31, December 31, 2016 2015 Principal amount $ $ PIK interest — Less: Unamortized debt issuance costs Less: Current portion Long-term debt $ $ — Successor Successor December 31, 2016 December 31, 2015 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $400 Million Credit Facility $ $ $ — $ — $100 Million Term Loan Facility — — $253 Million Term Loan Facility — — $44 Million Term Loan Facility — — 2015 Revolving Credit Facility — — — $98 Million Credit Facility $148 Million Credit Facility — — $22 Million Term Loan Facility — — 2014 Term Loan Facilities PIK interest — — — Total debt $ $ $ $ During the three months ended March 31, 2016, the Company adopted ASU 2015-03 (refer to Note 2 – Summary of Significant Accounting Policies) which requires debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the debt liability rather than as a deferred financing cost assets. The Company applied this guidance for all of its credit facilities with the exception of the 2015 Revolving Credit Facility and the revolving credit facility portion of the $148 Million Credit Facility at December 31, 2015, which represent revolving credit agreements which are not addressed in ASU 2015-03. Accordingly, the Company reclassified $11,357 and $9,411 of deferred financing costs from Deferred Financing Costs, net to Long-Term Debt and the Current portion of long-term debt as of December 31, 2016 and 2015, respectively. Commitment Letter On June 8, 2016, the Company entered into a Commitment Letter (the “Commitment Letter”) for a senior secured loan facility (the “$400 Million Credit Facility”) for an aggregate principal amount of up to $400,000 with Nordea Bank Finland plc, New York Branch, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial, and BNP Paribas. The $400 Million Credit Facility is intended to refinance the Company’s $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and 2015 Revolving Credit Facility, each as defined below (collectively, the “Prior Facilities”) and was finalized on November 10, 2016 (refer to $400 Million Credit Facility section below). The $400 Million Credit Facility was subject to a number of conditions, including the completion of an equity financing satisfactory to the lenders with gross proceeds to the Company including the equity commitments described below of at least $125,000, amendment of the Company’s other credit facilities on terms satisfactory to the lenders and other customary conditions. As a condition to the effectiveness of the Commitment Letter, the Company entered into separate equity commitment letters for a portion of such financing on June 8, 2016 with each of the following: (i) Centerbridge for approximately $31,200, (ii) SVP for approximately $17,300, and (iii) Apollo for approximately $14,000, each of which are subject to a number of conditions. Additionally, pursuant to the Commitment Letter, the waivers with regard to the collateral maintenance covenants under the $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and the 2015 Revolving Credit Facility, as defined below, were initially extended to July 29, 2016 subject to the entry into a definitive purchase agreement for the equity financing referred to above by June 30, 2016. On June 30, 2016 the Company entered into an amendment and restatement of the Commitment Letter (the “Amended Commitment Letter”). This amendment extended the collateral maintenance waivers under the Prior Facilities through 11:59 p.m. on September 30, 2016, which were further extended to October 7, 2016 pursuant to an additional agreement entered into with the lenders on September 30, 2016. On October 6, 2016, the collateral maintenance waivers were further extended through November 15, 2016 pursuant to the Second Amended Commitment Letter (as defined below). Additionally, the Second Amended Commitment Letter (as defined below), as well as the Amended $98 Million Credit Facility Commitment Letter (refer to the “$98 Million Credit Facility” section below) provided for waivers of the Company’s company-wide minimum cash covenants, so long as cash and cash equivalents of the Company are at least $25,000, and of the Company’s maximum leverage ratio through November 15, 2016. Lastly, the collateral maintenance waivers and maximum leverage ratio waivers under the 2014 Term Loan Facility were extended through November 15, 2016 pursuant to a waiver entered into on October 14, 2016. In addition, from August 31 through November 15, 2016, the amount of cash the Company would need to maintain under its minimum cash covenants applicable only to obligors in each Prior Facility would be reduced by up to $250 per vessel, subject to an overall maximum cash withdrawal of $10,000 to pay expenses and additional conditions. The effectiveness of such new waivers and waiver extensions was conditioned on extension of the equity commitment letters entered into on June 8, 2016 as described above through September 30, 2016, which were so extended by amendments entered into on June 29, 2016. The Amended Commitment Letter also conditioned such waivers on the Company entering into a definitive purchase agreement or file a registration statement for an equity financing by 11:59 p.m. on August 15, 2016. Pursuant to additional agreements entered into with the lenders on August 12, 2016, August 30, 2016, September 14, 2016 and September 30, 2016, the deadline to enter into a definitive purchase agreement or file a registration statement for an equity financing was further extended to October 7, 2016. Stock purchase agreements were entered into on October 6, 2016 pursuant to the Second Amended Commitment Letter as defined below. On October 6, 2016, the Company entered into a second amendment and restatement of the Commitment Letter (the “Second Amended Commitment Letter”). This amendment further extended the collateral maintenance waivers under the Prior Facilities through November 15, 2016. As a condition to the effectiveness of the Second Amended Commitment Letter, the Company entered into stock purchase agreements (the “Purchase Agreements”) effective as of October 4, 2016 with funds or related entities managed by Centerbridge, SVP and Apollo (the “Investors”) for the purchase of the Company’s Series A Preferred Stock for an aggregate of up to $125,000 in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. The Series A Preferred Stock to be sold pursuant to the Purchase Agreements will be automatically and mandatorily convertible into the Company’s common stock, par value $0.01 per share, upon approval by the Company’s shareholders of such conversion. The purchase price of the Series A Preferred Stock under each of the Purchase Agreements is $4.85 per share. An additional 1,288,660 shares of Series A Preferred Stock are to be issued to Centerbridge, SVP and Apollo as a commitment fee on a pro rata basis. The purchase price and the other terms and conditions of the transaction were established in arm’s length negotiations between an independent special committee of the Board of the Directors of the Company (the “Special Committee”). The Special Committee unanimously approved the transaction. Under the Purchase Agreements, Centerbridge made a firm commitment to purchase 6,597,938 shares of Series A Preferred Stock for an aggregate purchase price of $32,000, SVP made a firm commitment to purchase 7,628,866 shares of Series A Preferred Stock for an aggregate purchase price of $37,000, and Apollo made a firm commitment to purchase 3,587,629 shares of Series A Preferred Stock for an aggregate purchase price of $17,400. In addition, Centerbridge, SVP and Apollo agreed to provide a backstop commitment to purchase up to 3,402,062, 2,371,134 and 2,185,568 additional shares of Series A Preferred Stock, respectively, for $4.85 per share. Subsequently, on October 27, 2016, the Company entered into a stock purchase agreement (the “Additional Purchase Agreement”) with certain of the Investors; John C. Wobensmith, the Company’s President; and other investors for the sale of shares of Series A Preferred Stock for an aggregate purchase price of $38,600 at a purchase price of $4.85 per share. The purchase price and the other terms and conditions of these transactions were established in arm’s length negotiations between an independent special committee of the board of directors of the Company (the “Special Committee”) and the investors. The Special Committee unanimously approved the transactions. On November 15, 2016, pursuant to the Purchase Agreements, the Company completed the private placement of 27,061,856 shares of Series A Preferred Stock which included 25,773,196 shares at a price per share of $4.85 and an additional 1,288,660 shares issued as a commitment fee on a pro rate basis as noted above. Refer to Note 1 — General Information. Collateral Maintenance Compliance The Company is required to be in compliance with covenants under all of its credit facilities on a quarterly basis. At December 31, 2016, the Company was in compliance with the collateral maintenance covenants under the $400 Million Credit Facility, $98 Million Credit Facility and 2014 Term Loan Facilities. At December 31, 2015, the Company was not in compliance with the collateral maintenance covenants under the $253 Million Term Loan Facility, 2014 Term Loan Facilities and the $22 Million Term Loan Facility. Furthermore, during the first quarter of 2016, the Company was not in compliance with the collateral maintenance covenant under the $100 Million Term Loan Facility and the $148 Million Credit Facility. See the description of each facility below for detailed information surrounding the applicable cure, if any. Additionally, each of the Company’s credit facilities contained cross default provisions that could be triggered by the Company’s failure to satisfy its collateral maintenance covenants if such failure is not cured or waived within the applicable grace period. Given the foregoing noncompliance, the existence of the cross default provisions, and the absence of any solution at the time which would have cured the noncompliance for at least the next 12 months, the Company had determined that it should classify its outstanding indebtedness as a current liability as of December 31, 2015. $400 Million Credit Facility On November 10, 2016, the Company entered into a senior secured term loan facility, the $400 Million Credit Facility, in an aggregate principal amount of up to $400,000 with Nordea Bank Finland plc, New York Branch, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial and BNP Paribas. On November 15, 2016, the proceeds under the $400 Million Credit Facility were used to refinance the Prior Facilities (as defined above under “Commitment Letter”). The $400 Million Credit Facility is collateralized by 45 of the Company’s vessels and requires the Company to sell five remaining unencumbered vessels, three of which were in contract to be sold as of December 31, 2016. Refer to Note 28 — Subsequent Events. On November 14, 2016, the Company borrowed the maximum available amount of $400,000. As of December 31, 2016, there was no availability under the $400 Million Credit Facility. As of December 31, 2016 and 2015, the total outstanding net debt balance, including PIK interest as defined below, was $392,833 and $0, respectively. The $400 Million Credit Facility has a final maturity date of November 15, 2021 and the principal borrowed under the facility will bear interest at the London Interbank Offered Rate (“LIBOR”) for an interest period of three months plus a margin of 3.75%. The Company has the option to pay 1.50% of such rate in-kind (“PIK interest”) through December 31, 2018, of which will be payable on the maturity date of the facility. The Company has opted to make the PIK interest election and as of December 31, 2016, has recorded $800 of PIK interest which has been recorded in Long-term debt in the Consolidated Balance Sheet. The $400 Million Credit Facility has scheduled amortization payments of (i) $100 per quarter through December 31, 2018, (ii) $7,610 per quarter from March 31, 2019 through December 31, 2020, (iii) $18,571 per quarter from March 31, 2021 through September 30, 2021 and (iv) $282,605 upon final maturity on November 15, 2021, which does not include PIK interest. There is no collateral maintenance testing for the $400 Million Credit Facility prior to June 30, 2018. Thereafter, there will be required collateral maintenance testing with a gradually increasing threshold calculated as the value of the collateral under the facility as a percentage of the loan outstanding as follows: 105% from June 30, 2018 to December 30, 2018, 115% from December 31, 2018 to December 30, 2020 and 135% thereafter. The $400 Million Credit Facility requires the Company to comply with a number of covenants substantially similar to those in the Company’s other credit facilities, including financial covenants related to debt to total book capitalization, minimum working capital, minimum liquidity, and dividends; collateral maintenance requirements (as described above); and other customary covenants. The Company is required to maintain a ratio of total indebtedness to total capitalization of not greater than 0.70 to 1.00 at all times. Minimum working capital as defined in the $400 Million Credit Facility is not to be less than $0 at all times. The $400 Million Credit Facility has minimum liquidity requirements at all times for all vessels in its fleet of (i) $250 per vessel to and including December 31, 2018, (ii) $400 per vessel from January 1, 2019 to and including December 31, 2019 and (iii) $700 per vessel from January 1, 2020 and thereafter. The Company is prohibited from paying dividends without lender consent through December 31, 2020. The Company may establish non-recourse subsidiaries to incur indebtedness or make investments, but it will be restricted from incurring indebtedness or making investments (other than through non-recourse subsidiaries). Excess cash from the collateralized vessels under the $400 Million Credit Facility are subject to a cash sweep. The cash flow sweep will be 100% of excess cash flow through December 31, 2018, 75% through December 31, 2020 and the lessor of 50% of excess cash flow or an amount that would reflect a 15-year average vessel age repayment profile thereafter; provided no prepayment under the cash sweep is required from the first $10,000 in aggregate of the prepayments otherwise required under the cash sweep. At December 31, 2016 and 2015, the Company has deposited $11,180 and $0, respectively, that has been reflected as noncurrent restricted cash. Noncurrent restricted cash as of December 31, 2016 includes $11,180 which represents restricted pledged liquidity amounts pursuant to the $400 Million Credit Facility. As of December 31, 2016, the Company believed it was in compliance with all of the financial covenants under the $400 Million Credit Facility. The following table sets forth the scheduled repayment of the outstanding principal debt of $400,800 at December 31, 2016, which includes $800 of PIK interest, under the $400 Million Credit Facility: Year Ending December 31, Total 2017 $ 2018 2019 2020 2021 Total debt $ $98 Million Credit Facility On November 4, 2015, thirteen of the Company’s wholly-owned subsidiaries entered into a Facility Agreement, by and among such subsidiaries as borrowers (collectively, the “Borrowers”); Genco Holdings Limited, a newly formed direct subsidiary of Genco of which the Borrowers are direct subsidiaries (“Holdco”); certain funds managed or advised by Hayfin Capital Management, Breakwater Capital Ltd, or their nominee, as lenders; and Hayfin Services LLP, as agent and security agent (the “$98 Million Credit Facility”). The Borrowers borrowed the maximum available amount of $98,271 under the facility on November 10, 2015. As of December 31, 2016, there was no availability under the $98 Million Credit Facility. At December 31, 2016 and 2015, the total outstanding net debt balance was $93,403 and $95,903, respectively. Borrowings under the facility are available for working capital purposes. The facility has a final maturity date of September 30, 2020, and the principal borrowed under the facility will bear interest at LIBOR for an interest period of three months plus a margin of 6.125% per annum. The facility has no fixed amortization payments for the first two years and fixed amortization payments of $2,500 per quarter thereafter. To the extent the value of the collateral under the facility is 182% or less of the loan amount outstanding, the Borrowers are to prepay the loan from earnings received from operation of the thirteen collateral vessels after deduction of the following amounts: costs, fees, expenses, interest, and fixed principal repayments under the facility; operating expenses relating to the thirteen vessels; and the Borrowers’ pro rata share of general and administrative expenses based on the number of vessels they own. The Facility Agreement requires the Borrowers and, in certain cases, the Company and Holdco to comply with a number of covenants substantially similar to those in the other credit facilities of Genco and its subsidiaries, including financial covenants related to maximum leverage, minimum consolidated net worth, minimum liquidity, and dividends; collateral maintenance requirements; and other customary covenants. The Company is prohibited from paying dividends under this facility until December 31, 2018. Following December 31, 2018, the amount of dividends the Company may pay is limited based on the amount of the repayment of at least $25 million of the loan under such facility, as well as the ratio of the value of vessels and certain other collateral pledged under such facility. The Facility Agreement includes usual and customary events of default and remedies for facilities of this nature. Borrowings under the facility are secured by first priority mortgage on the vessels owned by the Borrowers, namely the Genco Constantine, the Genco Augustus, the Genco London, the Genco Titus, the Genco Tiberius, the Genco Hadrian, the Genco Knight, the Genco Beauty, the Genco Vigour, the Genco Predator, the Genco Cavalier, the Genco Champion, and the Genco Charger, and related collateral. Pursuant to the Facility Agreement and a separate Guarantee executed by the Company, the Company and Holdco are acting as guarantors of the obligations of the Borrowers and each other under the Facility Agreement and its related documentation. On June 29, 2016, the Company entered into a commitment letter (the “$98 Million Credit Facility Commitment Letter”) which provided for certain covenant relief through September 30, 2016. For such period, compliance with the company-wide minimum cash covenant was waived so long as cash and cash equivalents of the Company were at least $25,000; compliance with the maximum leverage ratio was waived; and the ratio required to be maintained under the Company’s collateral maintenance covenant was 120% rather than 140%. An amendment to the $98 Million Credit Facility Commitment Letter was entered into on September 30, 2016 (the “Amended $98 Million Credit Facility Commitment Letter”) which extended this covenant relief through November 15, 2016. Refer to the “Commitment Letter” section above for further discussion. On November 15, 2016, the Company entered into an Amending and Restating Agreement which amended and restated the credit agreements and the guarantee for the $98 Million Credit Facility (the “Restated $98 Million Credit Facility”). The Restated $98 Million Credit Facility provides for the following: reductions in the minimum liquidity requirements consistent with the $400 Million Credit Facility, except the minimum liquidity amount for the collateral vessels under this facility is $750 per vessel, which is reflected as restricted cash; netting of certain amounts against the measurements of the collateral maintenance covenant, which remains in place with a 140% value to loan threshold; a portion of amounts required to be maintained under the minimum liquidity covenant for this facility may, under certain circumstances, be used to prepay the facility to maintain compliance with the collateral maintenance covenant; elimination of the original maximum leverage ratio and minimum net worth covenants; and restrictions on incurring indebtedness, making investments (other than through non-recourse subsidiaries) or paying dividends, similar to those provided for in the $400 Million Credit Facility. The minimum working capital and the total indebtedness to total capitalization are the same as the $400 Million Credit Facility. As of December 31, 2016 and 2015, the Company had deposited $8,242 and $9,750, respectively, that has been reflected as current restricted cash. As of December 31, 2016 and 2015, the Company had deposited $15,931 and $0, respectively, that has been reflected as noncurrent restricted cash. These amounts include certain restricted deposits associated with the Debt Service Account and Capex Account as defined in the $98 Million Credit Facility. As of December 31, 2016, the Company believed it was in compliance with all of the financial covenants under the Restated $98 Million Credit Facility. The following table sets forth the scheduled repayment of the outstanding principal debt of $95,271 at December 31, 2016 under the Restated $98 Million Credit Facility: Year Ending December 31, Total 2017 $ 2018 2019 2020 Total debt $ 2014 Term Loan Facilities On October 8, 2014, Baltic Trading and its wholly-owned subsidiaries, Baltic Hornet Limited and Baltic Wasp Limited, each entered into a loan agreement and related documentation for a credit facility in a principal amount of up to $16,800 with ABN AMRO Capital USA LLC and its affiliates (the “2014 Term Loan Facilities”) to partially finance the newbuilding Ultramax vessel that each subsidiary acquired, namely the Baltic Hornet and Baltic Wasp, respectively. Amounts borrowed and repaid under the 2014 Term Loan Facilities may not be reborrowed. The 2014 Term Loan Facilities have a ten-year term, and the facility amount is to be the lowest of 60% of the delivered cost per vessel, $16,800 per vessel, and 60% of the fair market value of each vessel at delivery. The 2014 Term Loan Facilities are insured by the China Export & Credit Insurance Corporation (Sinosure) in order to cover political and commercial risks for 95% of the outstanding principal plus interest, which was recorded in deferred financing fees. Borrowings under the 2014 Term Loan Facilities bear interest at the three or six-month LIBOR rate plus an applicable margin of 2.50% per annum. Borrowings are to be repaid in 20 equal consecutive semi-annual installments of 1/24 of the facility amount plus a balloon payment of 1/6 of the facility amount at final maturity. Principal repayments commenced six months after the actual delivery date for each respective vessel. Borrowings under the 2014 Term Loan Facilities are secured by liens on the vessels acquired with borrowings under these facilities, namely the Baltic Hornet and Baltic Wasp, and other related assets. The Company guarantees the obligations of the Baltic Hornet and Baltic Wasp under the 2014 Term Loan Facilities. The 2014 Term Loan Facilities require the Company, Baltic Hornet Limited and Baltic Wasp Limited to comply with covenants comparable to those of the $44 Million Term Loan Facility, with the exception of the collateral maintenance covenant and minimum cash requirement for the encumbered vessels. Refer to “Amendments and Consent Agreements Related to the Merger” below for collateral maintenance requirements. Additionally, for the 2014 Term Loan Facilities, the Baltic Hornet Limited and Baltic Wasp Limited are required to maintain $750 each in their cash accounts. Refer to “$44 Million Term Loan Facility” section below. On October 24, 2014, Baltic Trading drew down $16,800 for the purchase of the Baltic Hornet, which was delivered on October 29, 2014. Additionally, on December 30, 2014, Baltic Trading drew down $16,350 for the purchase of the Baltic Wasp, which was delivered on January 2, 2015. As of December 31, 2016, the Company had utilized its maximum borrowing capacity and there was no further availability. At December 31, 2016 and 2015, the total outstanding net debt balance was $26,784 and $29,354, respectively. A waiver was entered into on June 30, 2016 with the lenders under the 2014 Term Loan Facilities which waived the collateral maintenance covenant through September 30, 2016. On August 9, 2016, the Company entered into waiver agreements which extend the existing collateral maintenance covenant through October 15, 2016 and provided for waivers of the maximum leverage ratio covenant through such time. On October 14, 2016, these waivers were further extended to November 15, 2016. On November 15, 2016, the Company entered into Supplemental Agreements with lenders under our 2014 Term Loan Facilities which, among other things, amended the Company’s collateral maintenance covenants under the 2014 Term Loan Facilities to provide that such covenants will not be tested through December 30, 2017 and the minimum collateral value to loan ratio will be 100% from December 31, 2017, 105% from June 30, 2018, 115% from December 31, 2018 and 135% from December 31, 2019. These Supplemental Agreements also provided for certain other amendments to the 2014 Term Loan Facilities, which included reductions in the minimum liquidity requirements consistent with the $400 Million Credit Facility and restrictions on incurring indebtedness, making investments (other than through non-recourse subsidiaries) or paying dividends, similar to the $400 Million Credit Facility. Additionally, the minimum working capital required is the same as the $400 Million Credit Facility. Lastly, the maximum leverage requirement is equivalent to the debt to total capitalization requirement in the $400 Million Credit Facility. As of December 31, 2016, the Company believed it was in compliance with all of the financial covenants under the 2014 Term Loan Facilities. Refer to “Amendment and Consent Agreements Related to the Merger” section below for discussion of the amendments, consents and waiver agreements entered into on July 14, 2015 by Baltic Trading related to the 2014 Term Loan Facilities. Upon the completion of the Merger on July 17, 2015, the Company executed a guaranty of the obligations of the borrowers under the 2014 Term Loan Facilities. The following table sets forth the scheduled repayment of the outstanding principal debt of $28,306 at December 31, 2016 under the 2014 Term Loan Facilities: Year Ending December 31, Total 2017 $ 2018 2019 2020 2021 Thereafter Total debt $ Amendment and Consent Agreements Related to the Merger On July 14, 2015, Baltic Trading and certain of its wholly owned subsidiaries entered into agreements (the “Amendment and Consent Agreements”) to amend, provide consents under, or waive certain provisions of the $22 Million Term Loan Facility (as defined below), 2014 Term Loan Facilities (as defined below) and the $148 Million Credit Facility (as defined below) (each a “Facility” and collectively the “Facilities”). The Amendment and Consent Agreements implemented, among other things, the following: · The covenants measuring collateral maintenance under the 2014 Term Loan Facilities were amended as follows: the minimum fair market value of vessels pledged as security (together with the value of any additional collateral) is required to be (i) for the period from June 30, 2015 up to and including December 30, 2015, 125% of the amount outstanding under such Facilities; (ii) for the period from December 31, 2015 up to and including March 30, 2016, 130% of such amount; and (iii) for the period from March 31, 2016 and thereafter, 135% of such amount. · The covenant measuring collateral maintenance under the $22 Million Term Loan Facility was amended so that through and including the period ending June 30, 2016, the minimum fair market value of vessels mortgaged under such Facility is required to be 110% of the amount outstanding under such Facility. · Under the $148 Million Credit Facility, the covenant measuring collateral maintenance was amended so that through and including the period ending December 31, 2015, the minimum fair market value of vessels mortgaged under such Facility is required to be 130% of the amount outstanding under such Facility and thereafter, 140% of such amount, except that for the period through and including the period ending December 31, 2015, such percentage was increased to 140% at the time of funding of the term loan for the Baltic Scorpion on August 3, 2015. · The calculation of the minimum consolidated net worth was reduced by $30,730 to $270,150 under each Facility to account for the reduction of equity due to the impairment associated with the sale of the Baltic Tiger and Baltic Lion vessels. · The measurement of the maximum leverage ratio under each Facility was amended to exclude from the numerator thereof (which is the amount of indebtedness included in the calculation of such financial covenant) any committed but undrawn working capital lines. · Under the $148 Million Credit Facility, following consummation of the Merger on July 17, 2015, the amount of cash to be held by the administrative agent under such Facility (or otherwise remaining undrawn under certain working capital lines) for each collateral vessel mortgaged under such Facility, as required under the under the minimum liquidity covenant under such Facility, was amended to an amount of $750 per vessel. · Following completion of the Merger on July 17, 2015, all corporate wide financial covenants of Baltic Trading are to be measured on a consolidated basis with the Company (the “Consolidated Covenant Amendments”). · Waivers or consents under the Facilities to permit the delisting of Baltic Trading’s stock on the New York Stock Exchange (which constitutes a change of control under each such Facility) and the termination of the Management Agreement, dated as of March 15, 2010, by and between GS&T and Baltic Trading. · Waivers or consents under each of the Facilities to permit the Merger. · Waivers or consents to certain covenants under each of the Facilities to the extent such covenants would otherwise be breached as a result of the Merger. On July 17, 2015, when the Merger was completed, the Company executed a guaranty of the obligations of the borrowers under each of the Facilities. The execution of the guarantees, together with certain other items that were previously delivered, satisfied all conditions to the effectiveness of all provisions of the Amendment and Consent Agreements. Bankruptcy Proceedings To allow discussions with the Company’s creditors concerning the Company’s restructuring to continue into April 2014 without the need to file for immediate bankruptcy relief, on March 31, 2014, the Company entered into agreements with certain of the lenders under the 2007 Credit Facility, the $100 Million Term Loan Facility, and the $253 Million Term Loan Facility (the Company’s “Credit Facilities”) to obtain waivers or forbearances with respect to certain potential or actual events of default as of March 31, 2014 as follows (the “Relief Agreements”): · not making the scheduled amortization payment on March 31, 2014 under our 2007 Credit Facility; · not meeting the consolidated interest ratio covenant for the period ended March 31, 2014; · not meeting the maximum leverage ratio covenant for the period ending March 31, 2014; · not meeting the collateral maintenance test under the 2007 Credit Facility; · not meeting the minimum cash balance covenant under the 2007 Credit Facility; · not furnishing audited financial statements to the lenders within 90 days after year end for the year ended December 31, 2013; · a cross-default w |
CONVERTIBLE SENIOR NOTES
CONVERTIBLE SENIOR NOTES | 12 Months Ended |
Dec. 31, 2016 | |
CONVERTIBLE SENIOR NOTES | |
CONVERTIBLE SENIOR NOTES | 10 - CONVERTIBLE SENIOR NOTES The Company issued $125,000 of the 5.0% Convertible Senior Notes on July 27, 2010 (the “2010 Notes”). The Indenture for the 2010 Notes included customary agreements and covenants by the Company, including with respect to events of default. As noted in Note 1 — General Information, the filing of the Chapter 11 Cases by the Company on April 21, 2014 constituted an event of default with respect to the 2010 Notes. On this date, the Company ceased recording interest expense related to the 2010 Notes. During the period from January 1 to July 9, 2014, interest expense of $2,522, including the amortization of the discount of the liability component and the bond coupon interest expense, was not recorded by the Predecessor Company, which would have been incurred had the indebtedness not been reclassified as a Liability subject to compromise. On the Effective Date, when the Company emerged from Chapter 11, the 2010 Notes and the Indenture were fully satisfied and discharged. The following tables provide additional information about the Predecessor Company’s 2010 Notes: Predecessor Period from January 1 to July 9, 2014 (a) Effective interest rate on liability component Cash interest expense recognized $ Non-cash interest expense recognized Non-cash deferred financing amortization costs included in interest expense (a) The amounts and percentage reflect amounts through April 21, 2014 since the Company ceased recording interest expense due to the Chapter 11 Cases. |
INTEREST RATE SWAP AGREEMENTS
INTEREST RATE SWAP AGREEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
INTEREST RATE SWAP AGREEMENTS | |
INTEREST RATE SWAP AGREEMENTS | 11 - INTEREST RATE SWAP AGREEMENTS As of March 31, 2014, the Company was in default under covenants of its 2007 Credit Facility due to the default on the scheduled debt amortization payment due on March 31, 2014. Refer to Note 1 — General Information for additional information regarding defaults relating to the swap. The default under the 2007 Credit Facility required the Company to elect interest periods of only one-month, therefore the Company no longer qualified for hedge accounting under the original designation and hedge accounting was terminated effective March 31, 2014. Additionally, the filing of the Chapter 11 Cases by the Company on the Petition Date constituted an event of default with respect to the outstanding interest rate swap with DNB Bank ASA. As a result, DNB Bank ASA terminated all transactions under the remaining swap agreement effective April 30, 2014 and filed a secured claim with the Bankruptcy Court of $5,622. The claim was paid to DNB Bank ASA by the Successor Company during the period from July 9 to December 31, 2014. As of December 31, 2016 and 2015, the Company did not have any interest rate swap agreements. The swap agreements held by the Predecessor Company synthetically converted variable rate debt to fixed rate debt at the fixed interest rate of the swap plus the Applicable Margin, as defined in the “2007 Credit Facility” section above in Note 9 — Debt. The differentials to be paid or received for these swap agreements were recognized as an adjustment to Interest expense as incurred. The Company utilized cash flow hedge accounting for these swaps through March 31, 2014, whereby the effective portion of the change in value of the swaps was reflected as a component of AOCI. The ineffective portion was recognized as Other expense, which is a component of Other (expense) income. On March 31, 2014, the cash flow hedge accounting on the remaining swap agreement was discontinued. Once cash flow hedge accounting was discontinued, the changes in the fair value of the interest rate swaps were recorded in the Consolidated Statement of Operations in Interest expense and the remaining amounts included in AOCI were amortized to interest expense over the original term of the hedging relationship for the Predecessor Company. The interest expense pertaining to the interest rate swaps for the Predecessor Company for the period from January 1 to July 9, 2014 was $2,580. The following tables present the impact of derivative instruments and their location within the Consolidated Statement of Operations for the Predecessor Company: The Effect of Derivative Instruments on the Consolidated Statement of Operations For the Period from January 1 to July 9, 2014 Predecessor Company Amount of Amount of Amount of Gain (Loss) Location of Gain (Loss) Location of Gain (Loss) Recognized Gain (Loss) Reclassified Gain (Loss) Recognized in in AOCI on Reclassified from AOCI Recognized in Income on Derivative from AOCI into income Income on Derivative Derivatives in Cash (Effective into income (Effective Derivative (Ineffective Flow Hedging Portion) (Effective Portion) (Ineffective Portion) Relationships 2014 Portion) 2014 Portion) 2014 Interest rate contracts $ Interest Expense $ Other Income (Expense) $ — The Effect of Derivative Instruments on the Consolidated Statement of Operations For the Period from January 1 to July 9, 2014 Predecessor Company Amount of Gain (Loss) Recognized in Income in Derivative Location of For the Period Gain (Loss) from January 1 to Derivatives not designated Recognized in Income July 9, as Hedging Instruments on Derivative 2014 Interest rate contracts Interest Expense $ The Company was required to provide collateral in the form of vessel assets to support the interest rate swap agreements, excluding vessel assets of Baltic Trading. Prior to the termination of the 2007 Credit Facility on the Effective Date, the Company’s 35 vessels mortgaged under the 2007 Credit Facility served as collateral in the aggregate amount of $100,000. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2016 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of AOCI included in the accompanying consolidated balance sheets consist of net unrealized gain (loss) on cash flow hedges and net unrealized gains (losses) from investments in Jinhui stock and KLC stock for the Predecessor Company. For the Successor Company, the components of AOCI included in the accompanying consolidated balance sheets consist only of net unrealized gains (losses) from investments in Jinhui stock and KLC stock. Refer to Note 6 — Investments for further detail. Changes in AOCI by Component For the Period from July 9, 2014 to December 31, 2016 Successor Company Net Unrealized Gain (Loss) on Investments AOCI — July 9, 2014 $ — OCI before reclassifications Amounts reclassified from AOCI — Net current-period OCI AOCI — December 31, 2014 $ OCI before reclassifications Amounts reclassified from AOCI Net current-period OCI AOCI — December 31, 2015 $ OCI before reclassifications Amounts reclassified from AOCI Net current-period OCI AOCI — December 31, 2016 $ — Changes in AOCI by Component For the Period from January 1, 2014 to July 9, 2014 Predecessor Company Net Unrealized Gain (Loss) on Net Unrealized Cash Flow Gain (Loss) on Hedges Investments Total AOCI — January 1, 2014 $ $ $ OCI before reclassifications Amounts reclassified from AOCI — Net current-period OCI AOCI — July 9, 2014 $ $ $ Reclassifications Out of AOCI Successor Company Amount Reclassified from AOCI Successor For the For the For the Year Year Period from Ended Ended July 9 to Affected Line Item in December 31, December 31, December 31, the Statement Where Details about AOCI Components 2016 2015 2014 Net Loss is Presented Net unrealized loss on investments Realized gain (loss) on sale of AFS investment $ $ $ — Other income (expense) Impairment of AFS investment — Impairment of investment Total reclassifications for the period $ $ $ — Reclassification Out of AOCI Predecessor Company Amount Predecessor For the Period from Affected Line Item January 1 to in the Statement July 9, Where Net Loss is Details about AOCI Components 2014 Presented Gains and losses on cash flow hedges Interest rate contracts $ Interest expense Total reclassifications for the period $ |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 13 - FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values and carrying values of the Company’s financial instruments at December 31, 2016 and 2015 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. Successor December 31, 2016 December 31, 2015 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ $ $ $ Restricted cash Floating rate debt The fair value of the floating rate debt under the $400 Million Credit Facility is based on rates obtained on the effective date of the facility, November 10, 2016. The fair value of floating rate debt under the $98 Million Credit Facility is based on rates the Company recently obtained upon the effective date of the facility on November 4, 2015, which did not change under the Restated $98 Million Credit Facility effective on November 15, 2016. The fair value of the 2014 Term Loan Facilities is based on rates that Baltic Trading initially obtained upon the effective dates of these facilities which did not change pursuant to the Amended 2014 Term Loan Facilities effective on November 15, 2016. Refer to Note 9 — Debt for further information. The carrying value approximates the fair market value for these floating rate loans. The carrying amounts of the Company’s other financial instruments at December 31, 2016 and 2015 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments. ASC Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows: · Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. · Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. As of December 31, 2016 and 2015, the fair values of the Company’s financial assets and liabilities are categorized as follows: Successor December 31, 2016 Quoted Market Prices in Active Markets Total (Level 1) Investments $ — $ — Successor December 31, 2015 Quoted Market Prices in Active Markets Total (Level 1) Investments $ $ The Company held an investment in the capital stock of Jinhui, which was classified as a long-term investment. The stock of Jinhui is publicly traded on the Oslo Stock Exchange and is considered a Level 1 item. The Company also held an investment in the stock of KLC, which was classified as a long-term investment. The stock of KLC is publicly traded on the Korea Stock Exchange and is considered a Level 1 item. At December 31, 2016, the Company no longer held investments in Jinhui and KLC, refer to Note 6 — Investments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include a vessel impairment assessment completed during the interim period as determined based on third-party scrap quotes, which are Level 2 inputs. The vessels held for sale as of December 31, 2016 were written down as part of the impairment recorded in the interim period. There were no additional adjustments required as of December 31, 2016 when the held for sale criteria was met. Refer to “Impairment of long-lived assets” and “Vessels held for sale” sections in Note 2 — Summary of Significant Accounting Policies. The Company did not have any Level 3 financial assets or liabilities during the years ended December 31, 2016 and 2015. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS | |
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS | 14 - PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS Prepaid expenses and other current assets consist of the following: Successor Successor December 31, December 31, 2016 2015 Lubricant inventory, fuel oil and diesel oil inventory and other stores $ $ Prepaid items Insurance receivable Other Total prepaid expenses and other current assets $ $ Other noncurrent assets in the amount of $514 at December 31, 2016 and 2015 represent the security deposit related to the operating lease entered into effective April 4, 2011. Refer to Note 21 — Commitments and Contingencies for further information related to the lease agreement. |
DEFERRED FINANCING COSTS
DEFERRED FINANCING COSTS | 12 Months Ended |
Dec. 31, 2016 | |
DEFERRED FINANCING COSTS | |
DEFERRED FINANCING COSTS | 15 - DEFERRED FINANCING COSTS Deferred financing costs include fees, commissions and legal expenses associated with securing revolving-debt facilities and other debt offerings and amending existing revolving-debt facilities. These costs are amortized over the life of the related debt and are included in interest expense. Refer to Note 9 — Debt for further information regarding the existing revolving facilities. Upon the refinancing of prior credit facilities with the $400 Million Credit Facility on November 15, 2016, the Company no longer had any revolving-debt facilities. As such, there were no net deferred financing costs as of December 31, 2016. Total net deferred financing costs consist of the following as of December 31, 2016 and 2015: Successor Successor December 31, December 31, 2016 2015 2015 Revolving Credit Facility $ — $ $148 Million Credit Facility — Total deferred financing costs — Less: accumulated amortization — Total $ — $ During the three months ended March 31, 2016, the Company adopted ASU 2015-03 (refer to Note 2 — Summary of Significant Accounting Policies) which requires debt issuance costs related to a recognized debt liability to be presented on the Consolidated Balance Sheets as a direct deduction from the debt liability rather than as a deferred financing cost assets. The Company applied this guidance for all of its credit facilities with the exception of the 2015 Revolving Credit Facility and the revolving credit facility portion of the $148 Million Credit Facility at December 31, 2015, which represent revolving credit agreements which are not addressed in ASU 2015-03. Accordingly, the Company reclassified $11,357 and $9,411 of deferred financing costs from Deferred financing costs, net to Long-term debt and the Current portion of long-term debt as of December 31, 2016 and 2015, respectively. Refer to Note 9 — Debt for further information. Amortization expense for deferred financing costs for the Successor Company, including the deferred financing costs recognized net of the outstanding debt, for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 was $2,847, $2,379 and $845, respectively. Amortization expense for deferred financing costs for the Predecessor Company for the period from January 1 to July 9, 2014 was $4,461. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations. On November 15, 2016, the unamortized deferred financing costs for the Prior Facilities that were refinanced with the $400 Million Credit Facility are going to be amortized over the life of the $400 Million Credit Facility (Refer to 9 — Debt). On the Effective Date, the Company eliminated the net unamortized deferred financing costs for the 2007 Credit Facility and the 2010 Notes and classified the changes as Restructuring items, net in the Consolidated Statements of Operation for the Predecessor Company as both the 2007 Credit Facility and 2010 Notes were terminated as part of the Plan. Additionally, the unamortized deferred financing costs for the $100 Million Term Loan Facility and the $253 Million Term Loan Facility prior to their Restatements and Amendment pursuant to the Plan were eliminated and the Company classified the changes to Restructuring items, net in the Consolidated Statements of Operation for the Predecessor Company. Fees and legal expenses for securing the Amended and Restated $100 Million and $253 Million Term Loan Facilities have been capitalized as deferred financing costs and were amortized over the extended term of the respective loans until these facilities were refinanced with the $400 Million Credit Facility as noted above (Refer to Note 9 — Debt). Baltic Trading entered into the $148 Million Credit Facility on December 31, 2014, which was used to refinance the outstanding indebtedness under the 2010 Credit Facility. As such, beginning on December 31, 2014, the net unamortized deferred financing costs associated with the 2010 Baltic Trading Credit Facility were amortized over the life of the $148 Million Credit Facility, until it was refinanced with the $400 Million Credit Facility as noted above (Refer to Note 9 — Debt). |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
FIXED ASSETS | |
FIXED ASSETS | 16 - FIXED ASSETS Fixed assets consist of the following: Successor Successor December 31, December 31, 2016 2015 Fixed assets, at cost: Vessel equipment $ $ Furniture and fixtures Computer equipment Total costs Less: accumulated depreciation and amortization Total $ $ Refer to Note 3 — Cash Flow Information for information regarding the reclassification from fixed assets to vessels assets by the Predecessor Company during the period from January 1 to July 9, 2014. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 17 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: Successor Successor December 31, December 31, 2016 2015 Accounts payable $ $ Accrued general and administrative expenses Accrued vessel operating expenses Total $ $ |
LIABILITIES SUBJECT TO COMPROMI
LIABILITIES SUBJECT TO COMPROMISE | 12 Months Ended |
Dec. 31, 2016 | |
LIABILITIES SUBJECT TO COMPROMISE | |
LIABILITIES SUBJECT TO COMPROMISE | 18 - LIABILITIES SUBJECT TO COMPROMISE As a result of the filing of the Chapter 11 Cases on April 21, 2014, the payment of pre-petition indebtedness is subject to compromise or other treatment under a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. Refer to the Financial Statement Presentation section of Note 1 — General Information for the allocation of the reinstatement of the Liabilities subject to compromise on the Effective Date. As of July 9, 2014, Liabilities subject to compromise for the Predecessor Company consisted of the following: Predecessor July 9, 2014 2007 Credit Facility $ $100 Million Term Loan Facility $253 Million Term Loan Facility Interest payable Terminated interest rate swap liability Convertible senior note payable Bond coupon interest payable Lease obligation Pre-petition accounts payable Total $ |
REVENUE FROM TIME CHARTERS
REVENUE FROM TIME CHARTERS | 12 Months Ended |
Dec. 31, 2016 | |
REVENUE FROM TIME CHARTERS | |
REVENUE FROM TIME CHARTERS | 19 - REVENUE FROM TIME CHARTERS Total voyage revenue includes revenue earned on time charters, including revenue earned in vessel pools and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company earned $133,246, $150,784 and $98,817 of voyage revenue, respectively. For the period from January 1 to July 9, 2014, the Predecessor Company earned $118,759 of voyage revenue. Included in voyage revenue for the year ended December 31, 2016 was $3,415 of net profit sharing revenue earned by the Successor Company. There was no profit sharing revenue earned during the years ended December 31, 2015 and 2014. Future minimum time charter revenue, based on vessels committed to noncancelable time charter contracts as of February 14, 2017, is expected to be $12,161 during 2017, assuming off-hire due to any scheduled drydocking and that no additional off-hire time is incurred. For drydockings, the Company assumes twenty days of offhire. Future minimum revenue excludes revenue earned for the vessels currently in pool arrangements and vessels that are currently on or will be on spot market-related time charters, as spot rates cannot be estimated, as well as profit sharing revenue. |
REORGANIZATION ITEMS, NET
REORGANIZATION ITEMS, NET | 12 Months Ended |
Dec. 31, 2016 | |
REORGANIZATION ITEMS, NET | |
REORGANIZATION ITEMS, NET | 20 - REORGANIZATION ITEMS, NET “Reorganization items, net” represents amounts incurred and recovered subsequent to the bankruptcy filing as a direct result of the filing of the Chapter 11 Cases. See Note 25 for details associated with the restatement of the previously reported components of Reorganization items, net. Reorganization items, net (as restated) are comprised of the following: Successor Predecessor Period from Period from Period from Year Year Period from January 1 to January 1 to January 1 to Ended Ended July 9 to July 9, July 9, July 9, December 31, December 31, December 31, 2014 2014 2014 2016 2015 2014 (As Reported) Adjustment (c) (As Restated) Professional fees incurred $ $ $ $ $ — $ Trustee fees incurred — Total reorganization fees $ $ $ $ $ — $ Gain on settlement of liabilities subject to compromise $ — $ — $ — $ $ $ — Net gain on debt and equity discharge and issuance — — — — Gain on settlement of liabilities subject to compromise in exchange for equity issuance, net (a) — — — — Fresh-start reporting adjustments (b) — — — Total fresh-start adjustment $ — $ — $ — $ $ $ Total reorganization items, net $ $ $ $ $ $ (a) For determination of this amount see footnote (a), subnote 1. in Note 1 under the table “Fresh-Start Adjustments.” (b) For determination of this amount see footnote (c) in Note 1 under the table “Fresh-Start Adjustments.” (c) See Note 25 — Restatement of Consolidated Financial Statements of the Predecessor Company. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 21 - COMMITMENTS AND CONTINGENCIES In September 2005, the Company entered into a 15-year lease for office space in New York, New York for which there was a free rental period from September 1, 2005 to July 31, 2006. On January 6, 2012, the Company ceased the use of this space. During the period from January 1 to July 9, 2014, the Predecessor Company recorded net rent expense of ($41) representing the adjustment to the present value of the Company’s estimated remaining rent expense for the duration of the lease after taking into account estimated future sublease income based on the sublease agreement entered into effective November 1, 2013 and deferred rent on the facility. Pursuant to the Plan that was approved by the Bankruptcy Court, the Debtors rejected the lease agreement on the Effective Date and the Company believed that it would owe the lessor the remaining liability. On August 10, 2016, the Company settled this outstanding lease liability. The settlement of this claim resulted in a gain that was recorded in rent expense in the amount of ($116) during the year ended December 31, 2016. Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for additional office space in New York, New York. The term of the sub-sublease commenced June 1, 2011, with a free base rental period until October 31, 2011. Following the expiration of the free base rental period, the monthly base rental payments are $82 per month until May 31, 2015 and thereafter will be $90 per month until the end of the seven-year term. Pursuant to the sub-sublease agreement, the sublessor was obligated to contribute $472 toward the cost of the Company’s alterations to the sub-subleased office space. The Company has also entered into a direct lease with the over-landlord of such office space that commences immediately upon the expiration of such sub-sublease agreements, for a term covering the period from May 1, 2018 to September 30, 2025; the direct lease provides for a free base rental period from May 1, 2018 to September 30, 2018. Following the expiration of the free base rental period, the monthly base rental payments will be $186 per month from October 1, 2018 to April 30, 2023 and $204 per month from May 1, 2023 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitutes one lease agreement. As a result of the straight-line rent calculation generated by the free rent period and the tenant work credit, the monthly straight-line rental expense for the term of the entire lease from June 1, 2011 to September 30, 2025 was $130 for the Predecessor Company. On the Effective Date, a revised straight-line rent calculation was completed as part of fresh-start reporting. The revised monthly straight-line rental expense for the remaining term of the lease from the Effective Date to September 30, 2025 is $150. The Successor Company had a long-term lease obligation at December 31, 2016 and 2015 of $1,868 and $1,149, respectively. Rent expense pertaining to this lease recorded by the Successor Company for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 was $1,808, $1,808 and $865, respectively. Rent expense pertaining to this lease recorded by the Predecessor Company for the period from January 1 to July 9, 2014 was $813. Future minimum rental payments on the above lease for the next five years and thereafter are as follows: $1,076 for 2017, $916 for 2018, $2,230 annually for 2019, 2020 and 2021, and a total of $8,900 for the remaining term of the lease. During the beginning of 2009, the Genco Cavalier, a 2007-built Supramax vessel, was on charter to Samsun when Samsun filed for the equivalent of bankruptcy protection in South Korea, otherwise referred to as a rehabilitation application. On February 5, 2010, the rehabilitation plan submitted by Samsun was approved by the South Korean courts. As part of the rehabilitation process, the Company’s claim of $17,212 was to be settled in the following manner; 34.0%, or $5,852, will be paid in cash in annual installments on December 30th of each year from 2010 through 2019 ranging from 8.0% to 17.0%; the remaining 66.0%, or $11,360, was converted to Samsun shares at a specified value per share. During the period from July 9 to December 31, 2014, the Successor Company received $296 and $234 from Samsun for the remainder of the payment that was due on December 30, 2012, including interest, and 50% of the payment that was due on December 30, 2013, respectively. This resulted in total Other operating income recorded by the Successor Company during the period from July 9 to December 31, 2014 of $530. On July 3, 2015, Samsun filed for rehabilitation proceedings for the second time with the South Korean courts due to financial distress. On April 8, 2016, the revised rehabilitation plan was approved by the South Korean court whereby 26% of the of the $3,979 unpaid cash claim settlement from the prior rehabilitation plan, or $1,035, was to be settled pursuant to a payment plan over the next ten-year period. The remaining 74% of the claim was to be converted to Samsun shares. On May 2, 2016, the Company received $157 from Samsun pursuant to this revised plan. Additionally, on October 27, 2016, the Company received $777 from Samsun as full and final settlement of this outstanding claim that was approved on April 8, 2016. This represents the net present value of the remainder of the $1,035 cash settlement noted above. During the years ended December 31, 2016 and 2015, this resulted in Other Operating income recorded by the Successor Company of $934 and $0, respectively. |
SAVINGS PLAN
SAVINGS PLAN | 12 Months Ended |
Dec. 31, 2016 | |
SAVINGS PLAN | |
SAVINGS PLAN | 22 - SAVINGS PLAN In August 2005, the Company established a 401(k) plan that is available to full-time employees who meet the plan’s eligibility requirements. This 401(k) plan is a defined contribution plan, which permits employees to make contributions up to maximum percentage and dollar limits allowable by IRS Code Sections 401(k), 402(g), 404 and 415 with the Company matching up to the first six percent of each employee’s salary on a dollar-for-dollar basis. Effective January 1, 2015, the Company increased the match to $1.17 for each dollar contributed up to the first six percent of each employee’s salary. The matching contribution vests immediately. For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company’s matching contributions to this plan were $336, $305 and $181, respectively. For the period from January 1 to July 9, 2014, the Predecessor Company’s matching contributions to this plan were $131. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 23 - STOCK-BASED COMPENSATION On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock. As a result, all share and per share information included for all periods presented in these consolidated financial statements for the Successor Company (except Baltic Trading share information), reflect the reverse stock split. On October 13, 2016, Peter C. Georgiopoulos resigned as Chairman of the Board and a director of the Company. In connection with his departure, Mr. Georgiopoulos entered into a Separation Agreement and a Release Agreement with the Company on October 13, 2016. Under the terms of these agreements, subject to customary conditions, Mr. Georgiopoulos received an amount equal to the annual Chairman’s fee awarded to him in recent years of $500 as a severance payment and full vesting of his unvested equity awards, which consisted of grants of 68,581 restricted shares of the Company’s common stock and warrants exercisable for approximately 213,937 shares of the Company’s common stock with an exercise price per share ranging $259.10 to $341.90. The acceleration of the vesting of Mr. Georgioupoulos’ restricted shares and warrants resulted in $5,317 of nonvested stock amortization expense during the year ended December 31, 2016 for the Successor Company. Genco Shipping & Trading — Successor Company 2014 Management Incentive Plan On the Effective Date, pursuant to the Chapter 11 Plan, the Company adopted the MIP (as defined in Note 1 — General Information). An aggregate of 9,668,061 shares of Common Stock were available for award under the MIP prior to the Company’s reverse stock split, which is equivalent to approximately 966,806 shares on a post-split basis. Awards under the MIP took the form of restricted stock grants and three tiers of MIP Warrants with staggered strike prices based on increasing equity values. The number of shares of common stock available under the Plan represented approximately 1.8% of the shares of post-emergence common stock outstanding as of the Effective Date on a fully-diluted basis. Awards under the MIP were available to eligible employees, non-employee directors and/or officers of the Company and its subsidiaries (collectively, “Eligible Individuals”). Under the MIP, a committee appointed by the Board from time to time (or, in the absence of such a committee, the Board) (in either case, the “Plan Committee”) may grant a variety of stock-based incentive awards, as the Plan Committee deems appropriate, to Eligible Individuals. The MIP Warrants are exercisable on a cashless basis and contain customary anti-dilution protection in the event of any stock split, reverse stock split, stock dividend, reclassification, dividend or other distributions (including, but not limited to, cash dividends), or business combination transaction. On August 7, 2014, pursuant to the MIP, certain individuals were granted MIP Warrants whereby each warrant can be converted on a cashless basis for the amount in excess of the respective strike price. The MIP Warrants were issued in three tranches for 2,380,664, 2,467,009, and 3,709,788 shares. Following the Company’s reverse stock split, these MIP Warrants are exercisable for approximately 238,066, 246,701 and 370,979 shares and have exercise prices of $259.10 (the “$259.10 Warrants”), $287.30 (the “$287.30 Warrants”) and $341.90 (the “$341.90 Warrants”) per whole share, respectively. The fair value of each warrant upon emergence from bankruptcy was $7.22 for the $259.10 Warrants, $6.63 for the $287.30 Warrants and $5.63 for the $341.90 Warrants. The warrant values were based upon a calculation using the Black-Scholes-Merton option pricing formula. This model uses inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, cost of capital interest rate and expected life of the instrument. The Company has determined that the warrants should be classified within Level 3 of the fair value hierarchy by evaluating each input for the Black-Scholes-Merton option pricing formula against the fair value hierarchy criteria and using the lowest level of input as the basis for the fair value classification. The Black-Scholes-Merton option pricing formula used a volatility of 43.91% (representing the six -year volatility of a peer group), a risk-free interest rate of 1.85% and a dividend rate of 0%. The aggregate fair value of these awards upon emergence from bankruptcy was $54,436. The warrants vest 33.33% on each of the first three anniversaries of the grant date, with accelerated vesting upon a change in control of the Company. For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company recognized amortization expense of the fair value of these warrants, which is included in General and administrative expenses, as follows: Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ $ Amortization of the unamortized stock-based compensation balance of $902 as of December 31, 2016 is expected to be expensed during the year ended December 31, 2017. The following table summarizes the warrant activity for the years ended December 31, 2016 and 2015 and for the period from July 9, 2014 to December 31, 2014: Successor Year Ended December 31, 2016 2015 Weighted Weighted Weighted Weighted Number of Average Exercise Average Fair Number of Average Exercise Average Fair Warrants Price Value Warrants Price Value Outstanding at January 1 $ $ $ $ Granted — — — — — — Exercisable Exercised — — — — — — Forfeited — — — — — — Outstanding at December 31 $ $ $ $ Successor Weighted Weighted Number of Average Exercise Average Fair Warrants Price Value Outstanding at July 9, 2014 — $ — $ — Granted Exercisable — — — Exercised — — — Forfeited — — — Outstanding at December 31, 2014 $ $ The following table summarizes certain information about the warrants outstanding as of December 31, 2016: Warrants Outstanding, Warrants Exercisable, December 31, 2016 December 31, 2016 Weighted Weighted Weighted Average Weighted Average Weighted Average Remaining Average Remaining Average Number of Exercise Contractual Number of Exercise Contractual Exercise Price Warrants Price Life Warrants Price Life $ $ $ The nonvested stock awards granted under the MIP will vest ratably on each of the three anniversaries of August 7, 2014. The nonvested stock awards issued under the MIP have a grant date price which represents the stock price on that date. The table below summarizes the Successor Company’s nonvested stock awards for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 that were issued under the MIP: Successor Year Ended December 31, 2016 2015 Weighted Weighted Number of Average Grant Number of Average Grant Shares Date Price Shares Date Price Outstanding at January 1 $ $ Granted — — — — Vested Forfeited — — — — Outstanding at December 31 $ $ Successor Weighted Number of Average Grant Shares Date Price Outstanding at July 9, 2014 — $ — Granted Vested — — Forfeited — — Outstanding at December 31, 2014 $ The total fair value of MIP restricted shares that vested during the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 for the Successor Company was $336, $2,662 and $0, respectively. The 64,785 shares that vested during the year ended December 31, 2016 included 27,765 that were issued to Peter C. Georgioupoulos upon his resignation. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company recognized nonvested stock amortization expense for the MIP restricted shares, which is included in General and administrative expenses, as follows: Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ $ The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2016, unrecognized compensation cost of $368 related to nonvested stock will be recognized over a weighted-average period of 0.60 years. 2015 Equity Incentive Plan On June 26, 2015, the Company’s Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 4,000,000 shares of common stock, or 400,000 shares following the Company’s reverse stock split (the “2015 Plan”). Under the 2015 Plan, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Company’s officers, directors, employees, and consultants. Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock. As of December 31, 2016, the Company has awarded restricted stock units and restricted stock under the 2015 Plan which have a grant date price which represents the stock price on that date. Restricted Stock Units The Successor Company has issued restricted stock units (“RSUs”) to certain members of the Board of Directors, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. The RSUs generally vest on the date of the Company’s annual shareholders meeting following the date of the grant. As of December 31, 2016 and 2015, 3,138 and 0 shares, respectively, of the Company’s common stock were outstanding in respect of the RSUs. Such shares will only be issued in respect of vested RSUs when the director’s service with the Company as a director terminates. The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. The table below summarizes the Successor Company’s RSUs for the year ended December 31, 2016 and 2015: Successor Year Ended December 31, 2016 2015 Weighted Weighted Number of Average Grant Number of Average Grant RSUs Date Price RSUs Date Price Outstanding at January 1 $ — $ — Granted Vested Forfeited — — — — Outstanding at December 31 $ $ The total fair value of the RSUs that vested during the years ended December 31, 2016 and 2015 for the Successor Company was $30 and $116, respectively. There were no RSUs that vested during the period from July 9 to December 31, 2014 for the Successor Company. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. On February 17, 2016, the vesting of 23,286 outstanding RSUs, or 2,328 outstanding RSUs on a post-reverse stock split basis, were accelerated upon the resignation of two members on the Company’s Board of Directors. The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2016: Unvested RSUs Vested RSUs December 31, 2016 December 31, 2016 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price $ $ The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2016, unrecognized compensation cost of $128 related to RSUs will be recognized over a weighted-average period of 0.38 years. For the years ended December 31, 2016 and 2015 and the period from July 9 to September 30, 2014, the Successor Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows: Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ $ — Restricted Stock Under the 2015 Plan, grants of restricted common stock issued to executives and Peter C. Georgiopoulos, the Company’s former Chairman of the Board, ordinarily vest ratably on each of the three anniversaries of the determined vesting date. The table below summarizes the Company’s nonvested stock awards for the year ended December 31, 2016 which were issued under the 2015 Plan: Successor Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2016 — $ — Granted Vested Forfeited — — Outstanding at December 31, 2016 $ The total fair value of shares that vested under the 2015 Plan during the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 for the Successor Company was $285, $0 and $0, respectively. The 47,619 shares that vested during the year ended December 31, 2016 included 40,816 shares that were issued to Peter C. Georgiopoulos upon his resignation. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company recognized nonvested stock amortization expense for the 2015 Plan restricted shares, which is included in General and administrative expenses, as follows: Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ — $ — The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2016, unrecognized compensation cost of $42 related to nonvested stock will be recognized over a weighted-average period of 1.87 years. Genco Shipping & Trading — Predecessor Company On July 12, 2005, the Company’s Board of Directors approved the Genco Shipping and Trading Limited 2005 Equity Incentive Plan (the “2005 GS&T Plan”). The aggregate number of shares of common stock that were available for award under the 2005 GS&T Plan was 2,000,000 shares. Additionally, on May 17, 2012, at the Company’s 2012 Annual Meeting of Shareholders, the Company’s shareholders approved the Genco Shipping and Trading Limited 2012 Equity Incentive Plan (the “2012 GS&T Plan”). The aggregate number of shares of common stock that were available for award under the 2012 GS&T Plan was 3,000,000 shares. Under these plans, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors could grant a variety of stock-based incentive awards to employees, directors and consultants who the compensation committee (or other committee or the Board of Directors) believes are key to the Company’s success. Awards may consist of incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, nonvested stock, unrestricted stock and performance shares. Nonvested stock awards granted under the 2005 and 2012 GS&T Plans have a grant date price which represents the stock price on that date. Under the Plan, on the Effective Date, any unvested shares under the 2005 and 2012 GS&T Plans were deemed vested automatically and Equity Warrants were issued. Refer to “Successor Company Equity Warrant Agreement” section in Note 1 — General Information for further information. The vesting of these shares is included in the $2,403 of nonvested stock amortization expense recorded by the Predecessor Company during the period from January 1 to July 9, 2014 and is included in the table below. Under the 2005 and 2012 GS&T Plans, grants of nonvested common stock to executives and employees vested ratably on each of the four anniversaries of the determined vesting date. Grants of nonvested common stock issued under the 2005 and 2012 GS&T Plans to directors vested the earlier of the first anniversary of the grant date or the date of the next annual shareholders’ meeting, which were typically held during May. Grants of nonvested common stock issued under the 2005 and 2012 GS&T Plans to the Company’s former Chairman, Peter C. Georgiopoulos, that were not granted as part of grants made to all directors, excluding the grants made on December 13, 2012, December 28, 2011 and December 21, 2010, vested ratably on each of the ten anniversaries of the vesting date. The table below summarizes the Predecessor Company’s nonvested stock awards for the period from January 1 to July 9, 2014 under the 2005 and 2012 GS&T Plans: Predecessor Period from January 1 to July 9, 2014 Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2014 $ Granted — — Vested Forfeited — — Outstanding at July 9, 2014 — $ — The total fair value of shares that vested under the 2005 and 2012 GS&T Plans during the period from January 1 to July 9, 2014 was $691. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the period from January 1 to July 9, 2014, the Predecessor Company recognized nonvested stock amortization expense for the 2005 and 2012 GS&T Plans, which is included in General and administrative expenses, as follows: Predecessor Period from January 1 to July 9, 2014 General and administrative expenses $ Baltic Trading Limited On March 3, 2010, Baltic Trading’s Board of Directors approved the Baltic Trading Limited 2010 Equity Incentive Plan (the “Baltic Trading Plan”). On March 13, 2014, Baltic Trading’s Board of Directors approved an amendment to the Baltic Trading Plan that increased the aggregate number of shares of common stock available for awards from 2,000,000 to 6,000,000 shares. Additionally, on April 9, 2014, at Baltic Trading’s 2014 Annual Meeting of Shareholders, Baltic Trading’s shareholders approved the amendment to the Baltic Trading Plan. Under the Baltic Trading Plan, Baltic Trading’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to officers, directors, and executive, managerial, administrative and professional employees of and consultants to Baltic Trading or the Company whom the compensation committee (or other committee of the Board of Directors) believes are key to Baltic Trading’s success. Awards may consist of restricted stock, restricted stock units, stock options, stock appreciation rights and other stock or cash-based awards. Nonvested stock awards granted under the Baltic Trading Plan have a grant date price which represents the stock price on that date. When the Merger was completed on July 17, 2015, the 1,941,844 nonvested shares issued under the Baltic Trading Plan vested automatically and received the same consideration in the Merger as holders of Baltic Trading’s common stock. Refer to Note 1 — General Information for further information regarding the Merger. The vesting of these shares is included in the $5,273 of expense recorded during the year ended December 31, 2015. Grants of restricted stock that were issued to Peter C. Georgiopoulos, former Chairman of the Board of Baltic Trading, and John Wobensmith, President and former Chief Financial Officer of Baltic Trading, made in connection with Baltic Trading’s IPO vested ratably on each of the first four anniversaries of March 15, 2010. Grants of restricted common stock to Baltic Trading’s directors made following Baltic Trading’s IPO (which exclude the foregoing grant to Mr. Georgiopoulos) vested the earlier of the first anniversary of the grant date or the date of Baltic Trading’s next annual shareholders’ meeting. Grants of restricted stock made to executives and the Chairman of the Board not in connection with the Company’s IPO vested ratably on each of the first four anniversaries of the determined vesting date. The following table presents a summary of Baltic Trading’s nonvested stock awards for the two years ended December 31, 2015 under the Baltic Trading Plan: Year Ended December 31, 2015 2014 Number Number of Baltic Weighted of Baltic Weighted Trading Average Trading Average Common Grant Date Common Grant Date Shares Price Shares Price Outstanding at January 1 $ $ Granted — — Vested Forfeited — — — — Outstanding at December 31 — $ — $ The total fair value of shares that vested under the Baltic Trading Plan during the year ended December 31, 2015 and the period from July 9 to December 31, 2014 for the Successor Company was $2,913 and $1,168, respectively. The total fair value of shares that vested under the Baltic Trading Plan during the period from January 1 to July 9, 2014 was $1,143. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. The Successor Company and the Predecessor Company recognized nonvested stock amortization expense for the Baltic Trading Plan, which is included in General and administrative expenses, as follows: Successor Predecessor Year Period From Period From Ended July 9 to January 1 to December 31, December 31, July 9, 2015 2014 2014 General and administrative expenses $ $ $ |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2016 | |
LEGAL PROCEEDINGS | |
LEGAL PROCEEDINGS | 24 - LEGAL PROCEEDINGS Refer to Note 1 — General Information for information concerning the Chapter 11 Cases. On March 28, 2014, the Genco Auvergne was arrested due to a disputed claim with the charterer of one of the Company’s other vessels, namely the Genco Ardennes. In order for the Company to release the Genco Auvergne from its arrest, the Company entered into a cash collateralized $900 bank guarantee with Skandinaviska Enskilda Banken AB (the “SEB Bank Guarantee”) on April 3, 2014. The vessel has since been released from its arrest and the bank guarantee was released from escrow to the Company on June 22, 2015 after the arbitration related to this case was completed. The SEB Bank Guarantee resulted in additional indebtedness by the Company. As the Company was in default under the covenants of its 2007 Credit Facility due to the default on a scheduled debt amortization payment due on March 31, 2014, on April 3, 2014 the Company received a consent from the lenders under the 2007 Credit Facility to incur this additional indebtedness. Also, under the $253 Million Term Loan Facility for which the Genco Auvergne was collateralized at the time of the arrest, the Company was not to incur additional indebtedness related to its collateralized vessels under the facility. As such, the Company received a consent from the lenders under the $253 Million Term Loan Facility on April 3, 2014 in order to enter the SEB Bank Guarantee. In April 2015, six class action complaints were filed in the Supreme Court of the State of New York, County of New York. On May 26, 2015, the six actions were consolidated under the caption In Re Baltic Trading Ltd. Stockholder Litigation, Index No. 651241/2015, and a consolidated class action complaint was filed on June 10, 2015 (the “Consolidated Complaint”). The Consolidated Complaint is purported to be brought by and on behalf of Baltic Trading’s shareholders and alleges that the then-proposed July 2015 merger did not fairly compensate Baltic Trading’s shareholders and undervalued Baltic Trading. The Consolidated Complaint names as defendants the Company, Baltic Trading, the individual members of Baltic Trading’s board, and the Company’s merger subsidiary. The claims generally allege (i) breaches of fiduciary duties of good faith, due care, disclosure to shareholders, and loyalty, including for failing to maximize shareholder value, and (ii) aiding and abetting those breaches. Among other relief, the complaints seek an injunction against the merger, declaratory judgments that the individual defendants breached fiduciary duties, rescission of the merger agreement, and unspecified damages. On July 9, 2015, plaintiffs in that action moved to enjoin the merger vote, scheduled to take place on July 17, 2015. The motion was thereafter fully briefed and argued on July 15, 2015. The motion to enjoin the vote was denied on July 15, 2015 (the “Preliminary Injunction Denial”). Plaintiffs sought an emergency injunction and temporary restraining order from the New York State Appellate Division, First Department the following day, on July 16, 2015. The Appellate Division denied the request, and the vote, and subsequent merger, proceeded as scheduled on July 17, 2015. Plaintiffs thereafter withdrew that appeal. On June 30, 2015, Defendants had moved to dismiss the Consolidated Complaint in its entirety. Plaintiffs subsequently served an Amended Consolidated Complaint, and Defendants directed their motion to dismiss to that amended complaint. The motion to dismiss was granted and the Amended Consolidated Complaint was dismissed with prejudice on August 29, 2016 (the “Dismissal Decision”). On September 29, 2016, plaintiffs filed a Notice of Appeal with the Supreme Court of the State of New York, County of New York, which recites their appeal of the Dismissal Decision, “including ... and as referenced in” the Dismissal Decision, the Preliminary Injunction Denial. Based on currently available information, the Company cannot reasonably estimate the loss, if any, in the event of an unfavorable outcome in any of these matters. However, the Company does not believe that it is probable that the resolution of these matters will have a material financial reporting consequence. From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows besides those noted above. |
RESTATEMENT OF CONSOLIDATED FIN
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | 12 Months Ended |
Dec. 31, 2016 | |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY | 26 - RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE SUCCESSOR COMPANY Subsequent to the issuance of the Company’s 2014 consolidated financial statements on March 2, 2015, the Company became aware of an error in its allocation of goodwill impairment to the noncontrolling interest recognized in December 2014 by the Company associated with its consolidated subsidiary Baltic Trading (refer to Note 4 — Goodwill Impairment). As a result of this error, amounts allocated to the Company’s noncontrolling interest in the Company’s previously reported Consolidated Statement of Operations of the Successor Company for the period from July 9, 2014 to December 31, 2014 and the Company’s previously reported Consolidated Balance Sheet of the Successor Company as of December 31, 2014 were incorrect. The error affected the Company’s previously reported Net loss allocable to GS&T and the noncontrolling interest and Net loss per share allocable to GS&T on the Company’s Consolidated Statement of Operations of the Successor Company for the period from July 9, 2014 to December 31, 2014, as well as the Company’s previously reported allocation of shareholders’ equity to the shareholders of the Company and the noncontrolling interest on the Company’s Consolidated Balance Sheet of the Successor Company as of December 31, 2014. The error did not impact the Company’s previously reported consolidated revenues, operating expenses, net loss or cash flows for the Successor Company for the period from July 9, 2014 to December 31, 2014, or the Company’s previously reported consolidated assets, liabilities or total equity of the Successor Company as of December 31, 2014. The Company determined its previously issued consolidated financial statements for the year ended December 31, 2014 should be restated to correct for this error. The effect of correcting for this error resulted in: 1) a decrease in previously reported net loss attributable to GS&T and an increase in previously reported Net loss attributable to noncontrolling interest for the period from July 9, 2014 to December 31, 2014 by the same amount; and 2) an increase in GS&T’s equity attributable to its shareholders and a decrease in the Noncontrolling interest in the Consolidated Balance Sheet as of December 31, 2014 by the same amount. The effect of correcting these errors is summarized as follows: · For the period from July 9, 2014 to December 31, 2014, the previously reported Net loss attributable to GS&T decreased by $21,823 to $182,294 from $204,117 as a result of the restatement. This also resulted in a change in Net loss per share from $3.38 to $3.02, or $30.20 on a post-reverse stock split basis, as a result of the restatement. After the restatement, the Net loss attributable to noncontrolling interest for the period from July 9, 2014 to December 31, 2014 increased by $21,823 to $31,064 from $9,241. The Company’s consolidated Net loss for the period from July 9, 2014 to December 31, 2014 was unchanged at $213,358. · As of December 31, 2014, the previously reported equity recorded by GS&T attributable to its shareholders increased by $21,823 to $1,044,201 from $1,022,378 as a result of the restatement. After restatement, as of December 31, 2014, the noncontrolling interest’s equity decreased by $21,823 to $248,573 from $270,396. The Company’s consolidated total equity in its Consolidated Balance Sheet as of December 31, 2014 was unchanged at $1,292,774. |
Predecessor | |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY | 25 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY Subsequent to the issuance of the Company’s 2014 consolidated financial statements on March 2, 2015, the Company became aware of errors in its determination of certain previously reported amounts in its Predecessor period financial reporting for the period from January 1, 2014 to July 9, 2014 related to its application of fresh-start accounting under ASC 852. These errors were related to the items included in the determination of the “Reorganization items, net” account balance on the Company’s Consolidated Statement of Operations of the Predecessor for the period from January 1, 2014 to July 9, 2014, which affected the Company’s previously reported Net income and Net income per share, Net income attributable to Genco Shipping & Trading Limited and Net loss attributable to noncontrolling interest for this period. The Company determined its previously issued consolidated financial statements for the Predecessor Company for the period ended July 9, 2014 should be restated to correct for these errors. The effect of correcting for these errors resulted in (1) changing the Company’s previously reported gain on Reorganization items, net to a loss, (2) changing the Company’s previously reported Net income and Net income per share to a Net loss and Net loss per share, respectively, (3) changing the Company’s previously reported Net income attributable to Genco Shipping & Trading Limited to a Net loss attributable to Genco Shipping & Trading Limited, and increasing the Company’s previously reported Net loss attributable to noncontrolling interest for the period from January 1, 2014 to July 9, 2014. The effect of correcting these errors is summarized in the following tables: Consolidated Statement of Operations (U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data) Predecessor Predecessor Period from Period from January 1 to January 1 to July 9, July 9, 2014 2014 As Reported Adjustment As Restated Loss before reorganization items, net $ — $ Reorganization items, net (a) (Loss) income before income taxes Income tax expense — Net (loss) income Less: Net loss attributable to noncontrolling interest (b) Net (loss) income attributable to Genco Shipping & Trading Limited $ $ $ Net (loss) income per share-basic $ N/A $ Net (loss) income per share-diluted $ N/A $ Weighted average common shares outstanding-basic N/A Weighted average common shares outstanding-diluted N/A Dividends declared per share $ — N/A $ — (a) The adjustment is the result of errors in the Company’s prior accounting for the following transactions associated with the application of fresh—start accounting: Adjustment Discharge of Predecessor equity (1) $ Issuance of Successor equity (2) Recording of goodwill in fresh-start accounting (3) Total $ (1) The accounting consequences related to the discharge of Predecessor equity were previously reported as a component in the computation of “Reorganization items, net”. The adjustment is to exclude the accounting consequences related to the discharge of Predecessor equity from the computation of “Reorganization items, net”. (2) The accounting consequences related to the issuance of Successor equity were previously excluded as a component in the computation of “Reorganization items, net”. The adjustment is to include from the accounting consequences related to the issuance of Successor equity in the computation of “Reorganization items, net”. (3) The accounting consequences related to the recognition of goodwill were previously excluded as a component in the computation of “Reorganization items, net”. The adjustment is to include the accounting consequences related to the establishment of goodwill in the computation of “Reorganization items, net”. (b) The adjustment is the result of errors in the Company’s prior accounting for the consequences to non-controlling interests of certain transactions associated with the application of fresh-start accounting. Consolidated Statement of Comprehensive Loss (U.S. Dollars in Thousands) Predecessor Predecessor Period from Period from January 1 to January 1 to July 9, July 9, 2014 2014 As Reported Adjustment As Restated Net (loss) income $ $ Change in unrealized (loss) gain on investments — Unrealized gain on cash flow hedges, net — Other comprehensive (loss) income Comprehensive (loss) income Less: Comprehensive loss attributable to noncontrolling interest Comprehensive (loss) income attributable to Genco Shipping & Trading Limited $ $ (1,744,440) $ In addition, the effect of correcting for these errors resulted in the restatement of: · The previously reported components of Reorganization items, net — see Note 20; · The following previously reported financial information included in the column “Debt Discharge and Equity Issuance” in the table “Fresh-Start Adjustments” in Note 1: Debt Discharge Debt Discharge and Equity and Equity Issuance Issuance (a) (as reported) Adjustment (as restated) Assets Current assets: Cash and cash equivalents $ $ — $ Restricted cash — — — Due from charterers, net — — — Prepaid expenses and other current assets — — — Time charters acquired — — — Total current assets — Noncurrent assets: Vessels, net — — — Deposits on vessels — — — Deferred drydock, net — — — Deferred financing costs, net — Fixed assets, net — — — Other noncurrent assets — — — Restricted cash — — — Investments — — — Goodwill — — — Total noncurrent assets — Total assets $ $ — $ Liabilities and Equity Current liabilities not subject to compromise: Accounts payable and accrued expenses $ $ — $ Current portion of long-term debt — — — Deferred revenue — — — Time charters acquired — — — Total current liabilities not subject to compromise — Noncurrent liabilities not subject to compromise: Long-term lease obligations — — — Long-term debt — — — Total noncurrent liabilities not subject to compromises — — — Total liabilities subject to compromise — Total liabilities — Equity: Genco Shipping & Trading Limited shareholders’ equity: Predecessor Common stock — Predecessor Additional paid-in capital — Successor Common stock — Successor Additional paid-in capital — Accumulated other comprehensive income Retained (deficit) earnings Total Genco Shipping & Trading Limited shareholders’ equity Noncontrolling interest — Total equity — Total liabilities and equity $ $ — $ · The following previously reported financial information included in the column “Revaluation of Assets and Liabilities” in the table “Fresh-Start Adjustments” in Note 1: Revaluation of Revaluation of Assets and Assets and Liabilities Liabilities (as reported) Adjustment (as restated) Assets Current assets: Cash and cash equivalents $ — $ — $ — Restricted cash — — — Due from charterers, net — — — Prepaid expenses and other current assets — Time charters acquired — Total current assets — Noncurrent assets: Vessels, net — Deposits on vessels — Deferred drydock, net — Deferred financing costs, net — — — Fixed assets, net — Other noncurrent assets — — — Restricted cash — — — Investments — — — Goodwill — Total noncurrent assets — Total assets $ $ — $ Liabilities and Equity Current liabilities not subject to compromise: Accounts payable and accrued expenses $ — $ — $ — Current portion of long-term debt — — — Deferred revenue — — — Time charters acquired — Total current liabilities not subject to compromise — Noncurrent liabilities not subject to compromise: Long-term lease obligations — Long-term debt — — — Total noncurrent liabilities not subject to compromises — Total liabilities subject to compromise — — — Total liabilities — Equity: Genco Shipping & Trading Limited shareholders’ equity: — — — Predecessor Common stock — — — Predecessor Additional paid-in capital — — — Successor Common stock — — — Successor Additional paid-in capital — — — Accumulated other comprehensive income — Retained (deficit) earnings Total Genco Shipping & Trading Limited shareholders’ equity Noncontrolling interest — Total equity — Total liabilities and equity $ $ — $ |
RESTATEMENT OF CONSOLIDATING FI
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE SUCCESSOR COMPANY | 12 Months Ended |
Dec. 31, 2016 | |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE SUCCESSOR COMPANY | |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY | 26 - RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE SUCCESSOR COMPANY Subsequent to the issuance of the Company’s 2014 consolidated financial statements on March 2, 2015, the Company became aware of an error in its allocation of goodwill impairment to the noncontrolling interest recognized in December 2014 by the Company associated with its consolidated subsidiary Baltic Trading (refer to Note 4 — Goodwill Impairment). As a result of this error, amounts allocated to the Company’s noncontrolling interest in the Company’s previously reported Consolidated Statement of Operations of the Successor Company for the period from July 9, 2014 to December 31, 2014 and the Company’s previously reported Consolidated Balance Sheet of the Successor Company as of December 31, 2014 were incorrect. The error affected the Company’s previously reported Net loss allocable to GS&T and the noncontrolling interest and Net loss per share allocable to GS&T on the Company’s Consolidated Statement of Operations of the Successor Company for the period from July 9, 2014 to December 31, 2014, as well as the Company’s previously reported allocation of shareholders’ equity to the shareholders of the Company and the noncontrolling interest on the Company’s Consolidated Balance Sheet of the Successor Company as of December 31, 2014. The error did not impact the Company’s previously reported consolidated revenues, operating expenses, net loss or cash flows for the Successor Company for the period from July 9, 2014 to December 31, 2014, or the Company’s previously reported consolidated assets, liabilities or total equity of the Successor Company as of December 31, 2014. The Company determined its previously issued consolidated financial statements for the year ended December 31, 2014 should be restated to correct for this error. The effect of correcting for this error resulted in: 1) a decrease in previously reported net loss attributable to GS&T and an increase in previously reported Net loss attributable to noncontrolling interest for the period from July 9, 2014 to December 31, 2014 by the same amount; and 2) an increase in GS&T’s equity attributable to its shareholders and a decrease in the Noncontrolling interest in the Consolidated Balance Sheet as of December 31, 2014 by the same amount. The effect of correcting these errors is summarized as follows: · For the period from July 9, 2014 to December 31, 2014, the previously reported Net loss attributable to GS&T decreased by $21,823 to $182,294 from $204,117 as a result of the restatement. This also resulted in a change in Net loss per share from $3.38 to $3.02, or $30.20 on a post-reverse stock split basis, as a result of the restatement. After the restatement, the Net loss attributable to noncontrolling interest for the period from July 9, 2014 to December 31, 2014 increased by $21,823 to $31,064 from $9,241. The Company’s consolidated Net loss for the period from July 9, 2014 to December 31, 2014 was unchanged at $213,358. · As of December 31, 2014, the previously reported equity recorded by GS&T attributable to its shareholders increased by $21,823 to $1,044,201 from $1,022,378 as a result of the restatement. After restatement, as of December 31, 2014, the noncontrolling interest’s equity decreased by $21,823 to $248,573 from $270,396. The Company’s consolidated total equity in its Consolidated Balance Sheet as of December 31, 2014 was unchanged at $1,292,774. |
UNAUDITED QUARTERLY RESULTS OF
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 27 - UNAUDITED QUARTERLY RESULTS OF OPERATIONS In the opinion of the Company’s management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included on a quarterly basis. On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock which is reflected in the quarterly information provided below. In the third quarter of 2015, the Successor Company had a material impairment of investment of $32,536. See Note 2 – Summary of Significant Accounting Policies for additional information. As a result, all share and per share information included for all periods presented reflect the reverse stock split. Refer to Note 7 — Net Loss per Common Share and Note 23 — Stock-Based Compensation. 2016 Successor Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ $ $ $ Operating loss Net loss Net loss attributable to noncontrolling interest — — — — Net loss attributable to Genco Shipping & Trading Limited Net loss per share - basic (1) $ $ $ $ Net loss per share - diluted (1) $ $ $ $ Weighted average common shares outstanding - basic Weighted average common shares outstanding - diluted 2015 Successor Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ $ $ $ Operating loss Net loss Net loss attributable to noncontrolling interest — Net loss attributable to Genco Shipping & Trading Limited Net loss per share - basic (1) $ $ $ $ Net loss per share - diluted (1) $ $ $ $ Weighted average common shares outstanding - basic Weighted average common shares outstanding - diluted (1) Amounts may not total to annual loss because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period. (2) Amounts may not total to annual amountsfor the years ended December 31, 2016 and 2015 as reported in the Consolidated Statements of Operations due to rounding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 28 - SUBSEQUENT EVENTS On March 23, 2017, the Company entered into a letter agreement with John C. Wobensmith to amend his employment agreement with the Company dated September 21, 2007, as amended (the “Employment Agreement”). Mr. Wobensmith is the Company’s President and Secretary and was granted the additional title of Chief Executive Officer pursuant to the letter agreement. The letter agreement provides for an increase in base salary and a cash bonus of $600 for 2016. Additionally, pursuant to the letter agreement, the Company’s Board of Directors awarded Mr. Wobensmith a grant of 292,398 RSUs and options to purchase 133,000 shares with an exercise price of $11.13 per share. Restrictions on the awards will lapse ratably in one-third increments on the first three anniversaries of October 15, 2016. Additionally, on March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan. This amendment and restatement increases the number of shares available for awards under the plan from 400,000 to 2,750,000, subject to shareholder approval; sets the annual limit for awards to non-employee directors and other individuals as 500,000 and 1,000,000 shares, respectively; and modifies the change in control definition. During January 2017, the Board of Directors unanimously approved selling the Genco Carrier, a 1998-built Handymax vessel, and on January 25, 2017, the Company reached an agreement to sell the Genco Carrier to a third party for $3,560 less a $92 broker commission payable to a third party. The sale was completed on February 16, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Reliance, a 1999-built Handysize vessel, and on January 12, 2017, the Company reached an agreement to sell the Genco Reliance to a third party for $3,500 less a 3.5% broker commission payable to a third party. The sale was completed on February 9, 2017. On January 4, 2017, the Company’s shareholders approved at a Special Meeting of Shareholders the issuance of up to 27,061,856 shares of common stock of the Company upon the conversion of shares of the Series A Preferred Stock, par value $0.01 per share. As a result of shareholder approval, all outstanding 27,061,856 shares of Series A Preferred Stock were automatically and mandatorily converted into 27,061,856 shares of common stock of the Company on January 4, 2017. Refer to Note 1 — General Information. On December 19, 2016, the Board of Directors unanimously approved selling the Genco Prosperity, a 1997-built Handymax vessel, and the Genco Wisdom, a 1997-built Handymax vessel. On December 21, 2016, the Company reached an agreement to sell the Genco Prosperity to a third party for $3,050 less a 3.5% broker commission payable to a third party. The sale is expected to be completed by June 15, 2017. On December 21, 2016, the Company reached an agreement to sell the Genco Wisdom to a third party for $3,250 less a 3.5% broker commission payable to a third party. The sale was completed on January 9, 2017. The vessel assets for the Genco Wisdom and Genco Prosperity have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions. On December 5, 2016, the Board of Directors unanimously approved selling the Genco Success, a 1997-built Handymax vessel, and on December 15, 2016, the Company reached an agreement to sell the Genco Success to a third party for $2,800 less a 3.0% broker commission payable to a third party. The sale was completed on March 19, 2017. The vessel assets for the Genco Success have been classified held for sale in the Consolidated Balance Sheet as of December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions. |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of consolidation | Principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries, including Baltic Trading. All intercompany accounts and transactions have been eliminated in consolidation. |
Business geographics | Business geographics The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. |
Vessel acquisitions | Vessel acquisitions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company’s decision to make such acquisition. When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter. |
Segment reporting | Segment reporting The Company reports financial information and evaluates its operation by voyage revenues and not by the length of ship employment for its customers, i.e., spot or time charters. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, after the effective date of the Merger on July 17, 2015, which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. Prior to the Merger, the Company had two reportable operating segments, GS&T and Baltic Trading. |
Revenue and voyage expense recognition | Revenue and voyage expense recognition Since the Company’s inception, revenues have been generated from time charter agreements, pool agreements and spot market-related time charters. A time charter involves placing a vessel at the charterer’s disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index (“BDI”). Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost or market adjustments to re-value the bunker fuel on a quarterly basis. These differences in bunkers, including lower of cost or market adjustments, resulted in a net loss of $4,920, $8,927 and $1,616 during the years ended December 31, 2016 and 2015 and during the period from July 9 to December 31, 2014, respectively, for the Successor Company. During the period from January 1 to July 9, 2014, the Predecessor Company recorded a net gain of $252. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. The Company records time charter revenues over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company’s vessels that are on spot market-related time charters is subject to fluctuations of the spot market. The Company recognizes voyage expenses when incurred. During the year ended December 31, 2016, six of the Company’s vessels were chartered under spot-market related time charters which included a profit-sharing element, the Genco Commodus, Baltic Lion, Genco London, Genco Maximus, Baltic Wasp and Baltic Wolf. Under these charter agreements, the rate for the spot market-related time charter was linked to a floor of $3 with a 50% index-based profit sharing component. During the year ended December 31, 2014, two of the Company’s vessels, the Genco Avra and Genco Spirit, were chartered under spot market-related time charters which included a profit-sharing element. The time charters for the Genco Avra and Genco Spirit ended during March 2014 and November 2014, respectively. Under these charter agreements, the rate for the spot market-related time charter was linked with a floor of $9 and a ceiling of $14 daily with a 50% profit sharing arrangement to apply to any amount above the ceiling. The rate was based on 115% of the average of the daily rates reflected in the daily reports of the Baltic Handysize Index. During the year ended December 31, 2015, there were no time charters with profit-sharing elements. At December 31, 2016 and 2015, 20 and 19 of the Company’s vessels were in vessel pools, respectively. At December 31, 2016 and 2015, the Company had 13 and 14 vessels, respectively, operating in the Clipper Logger Pool and the Clipper Sapphire Pool, vessel pools trading in the spot market for which Clipper Group acts as the pool manager. Additionally, at December 31, 2016 and 2015, the Company had seven and four vessels, respectively, operating in the Bulkhandling Handymax A/S Pool, a vessel pool trading in the spot market for which Torvald Klaveness acts as pool manager. Lastly, as of December 31, 2015, the Company had one vessel operating in the Navig8 Bulk Pool, a vessel pool trading in the spot market for which Navig8 Inc. acts as the pool manager. Under pool arrangements, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. |
Other operating income | Other operating income During the years ended December 31, 2016 and 2015 and the period from July 9 to December 31, 2014, the Successor Company recorded other operating income of $960, $0 and $530, respectively. During the period from January 1 to July 9, 2014, the Predecessor Company recorded other operating income of $0. Other Operating income recorded by the Successor Company during the year ended December 31, 2016 consists primarily of $934 received from Samsun Logix Corporation (“Samsun”) pursuant to the revised rehabilitation plan that was approved by the South Korean courts on April 8, 2016 which was settled in full on October 27, 2016. Other operating income recorded by the Successor Company during the period from July 9 to December 31, 2014 consists of $530 related to installments due from Samsun pursuant to the original rehabilitation plan which was approved by the South Korean courts on February 5, 2010. Refer to Note 21 — Commitments and Contingencies for further information regarding the bankruptcy settlement with Samsun. |
Due from charterers, net | Due from charterers, net Due from charterers, net includes accounts receivable from charters, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company’s customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2016 and 2015, the Company had a reserve of $283 and $429, respectively, against the due from charterers balance and an additional accrual of $220 and $498, respectively, in deferred revenue, each of which is primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements. Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available. |
Inventories | Inventories Inventories consist of consumable bunkers, lubricants and victualling stores, which are stated at the lower of cost or market value and are recorded in Prepaid expenses and other current assets. Cost is determined by the first in, first out method. |
Vessel operating expenses | Vessel operating expenses Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred. |
General and administrative expenses | General and administrative expenses During the year ended December 31, 2016, the Company opted to break out expenses previously classified as General, administrative and management fees into two separate categories to provide a greater level of detail of the underlying expenses. These fees were broken out into General and administrative expenses and Technical management fees. This change was made retrospectively for comparability purposes and there was no effect on the Net Loss for the Successor Company for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 or for the Predecessor Company for the period from January 1 to July 9, 2014. |
Vessels, net | Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the Successor Company for the years ended December 31, 2016 and 2015 and the period from July 9 to December 31, 2014 was $71,829, $76,395 and $36,265, respectively. Depreciation expense for vessels for the Predecessor Company for the period from January 1 to July 9, 2014 was $71,756. Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective July 9, 2014, on the Effective Date, the Company increased the estimated scrap value of the vessels from $245 per lwt to $310 per lwt prospectively based on the 15-year average scrap value of steel. During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $2,860, $3,193 and $1,540, respectively, for the Successor Company. The decrease in depreciation expense does not take into effect the revaluation of the vessel assets due to fresh-start reporting. |
Vessels held for sale | Vessels held for sale During December 2016, the Board of Directors authorized the sale of the Genco Success, Genco Prosperity and Genco Wisdom. As such, these vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions and Note 28 — Subsequent Events for additional information. |
Fixed assets, net | Fixed assets, net Fixed assets, net are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives: Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years Depreciation and amortization expense for fixed assets for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 for the Successor Company was $388, $284 and $119, respectively. Depreciation and amortization expense for fixed assets for the period from January 1 to July 9, 2014 for the Predecessor Company was $458. |
Deferred drydocking costs | Deferred drydocking costs The Company’s vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel’s drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the next drydock. Amortization expense for drydocking for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 for the Successor Company was $4,113, $2,877 and $330, respectively. Amortization expense for drydocking for the period from January 1 to July 9, 2014 for the Predecessor Company was $3,738. All other costs incurred during drydocking are expensed as incurred. |
Goodwill | Goodwill The Company follows the provisions of ASC Subtopic 350-20, “Intangibles - Goodwill and Other” (“ASC 350-20”). This statement requires that goodwill and intangible assets with indefinite lives be tested for impairment at least annually or when there is a triggering event and written down with a charge to operations when the carrying amount of the reporting unit that includes goodwill exceeds the estimated fair value of the reporting unit. If the carrying value of the goodwill exceeds the reporting unit’s implied goodwill, such excess must be written off. The Company recorded Goodwill of $166,067 upon adoption of fresh-start reporting in accordance with provisions of ASC 852 as of the Effective Date. Pursuant to the Company’s annual goodwill impairment testing performed as of December 31, 2014, it was determined that the entire amount of this goodwill was impaired. Refer to Note 4 — Goodwill Impairment. |
Impairment of long-lived assets | Impairment of long-lived assets During the years ended December 31, 2016 and 2015 and during the period from July 9 to December 31, 2014, the Successor Company recorded $69,278, $39,893 and $0, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”). For the period from January 1 to July 9, 2014, there were no impairment charges recorded by the Predecessor Company. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. At June 8, 2016, the Company determined that the scrapping of nine of its vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, was more likely than not pursuant to the Commitment Letter entered into for the $400 Million Credit Facility as defined and disclosed in Note 9 — Debt. Therefore, at June 8, 2016, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced. After determining that the sum of the estimated undiscounted future cash flows attributable to the aforementioned nine vessels did not exceed the carrying value of the vessels at June 8, 2016, the Company reduced the carrying value of the nine vessels to their net realizable value, which was based on the expected net proceeds from scrapping the vessels. This resulted in an impairment loss of $67,594 during the year ended December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions for further information about the sale of these vessels. At March 31, 2016, the Company determined that the scrapping of the Genco Marine was more likely than not based on discussions with the Company’s Board of Directors. Therefore, at March 31, 2016, the time utilized to determine the recoverability of the carrying value of the vessel asset was significantly reduced. After determining that the sum of the estimated undiscounted future cash flows attributable to the Genco Marine did not exceed the carrying value of the vessel at March 31, 2016, the Company reduced the carrying value of the Genco Marine to its net realizable value, which was based on the expected proceeds from scrapping the vessel. This resulted in an impairment loss of $1,684 during the year ended December 31, 2016. On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine and the sale of the Genco Marine to the scrap yard was completed on May 17, 2016. At December 31, 2015, the Company determined that the future undiscounted cash flows did not exceed the net book value for the Genco Marine. As such, a $4,497 impairment loss was recorded in order to adjust the value of the Genco Marine to its fair market value as of December 31, 2015. Lastly, at March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger was more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels. Therefore, at March 31, 2015, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced, and after determining that the sum of the estimated undiscounted future cash flows attributable to the Baltic Lion and Baltic Tiger would not exceed the carrying value of the respective vessels, the Company reduced the carrying value of each vessel to its estimated fair value, which was determined primarily based on appraisals and third party broker quotes. This resulted in an impairment loss of $35,396. On April 8, 2015, the Baltic Lion and Baltic Tiger entities were sold to GS&T. Refer to Note 1 — General Information for details pertaining to the sale of these entities. As part of fresh-start reporting, the Company revalued its vessel assets at their fair values as of the Effective Date and the losses were recorded in Reorganization items, net in the Consolidated Statements of Operations. |
(Gain) loss on disposal of vessels | (Gain) loss on disposal of vessels During the years ended December 31, 2016 and 2015, the Successor Company recorded a gain of $3,555 and a loss of $1,210, respectively, related to the sale of vessels. During the year ended December 31, 2016, the Company recorded a net gain of $3,555 related to the sale of the Genco Marine, Genco Sugar, Genco Pioneer, Genco Leader and Genco Acheron. During the year ended December 31, 2015, the Company recorded a net loss of $1,210 related to the sale of the Baltic Lion and Baltic Tiger entities to GS&T from Baltic Trading on April 8, 2015. |
Deferred financing costs | Deferred financing costs Deferred financing costs, included in other assets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense. |
Cash and cash equivalents | Cash and cash equivalents The Company considers highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Investments | Investments The Company held an investment in the capital stock of Jinhui Shipping and Transportation Limited (“Jinhui”) and in Korea Line Corporation (“KLC”). Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping. KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products. The investments in Jinhui and KLC were designated as AFS and were reported at fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”). The Company classified the investments as current or noncurrent assets based on the Company’s intent to hold the investments at each reporting date. As of December 31, 2016, the Company no longer held investments in Jinhui or KLC. Refer to Note 6 — Investments. Investments were reviewed quarterly to identify possible other-than-temporary impairment in accordance with ASC Subtopic 320-10, “Investments — Debt and Equity Securities” (“ASC 320-10”). When evaluating its investments, the Company reviewed factors such as the length of time and extent to which fair value has been below the cost basis, the financial condition of the issuer, the underlying net asset value of the issuers assets and liabilities, and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value. Should the decline in the value of any investment be deemed to be other-than-temporary, the investment basis would be written down to fair market value, and the write-down would be recorded to earnings as a loss. Refer to Note 6 — Investments. |
Income taxes | Income taxes Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the “Code”), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the “Section 883 exemption”). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements. GS&T is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, GS&T is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. GS&T is not taxable in any other jurisdiction, with the exception of Genco Management (USA) Limited, as noted below. GS&T will qualify for the Section 883 exemption if, among other things, (i) GS&T stock is treated as primarily and regularly traded on an established securities market in the United States (the “publicly traded test”) or (ii) GS&T satisfies the qualified shareholder test or the controlled foreign corporation test. Under applicable Treasury Regulations, the publicly-traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5% or more of GS&T’s stock (“5% shareholders”), together own 50% or more of GS&T’s stock (by vote and value) for more than half the days in such year (the “five percent override rule”), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50% of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more “qualified shareholders.” A qualified shareholder includes a foreign corporation that is organized in a qualified foreign country and meets the publicly traded test. Based on the publicly traded requirement of the Section 883 regulations, GS&T believes that it qualified for exemption from income tax on income derived from the international operations of ships during the years ended December 31, 2016, 2015 and 2014. In order to meet the publicly traded requirement, GS&T’s stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, GS&T’s qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company’s common stock for more than half the days of the year. Management believes that during the years ended December 31, 2016, 2015 and 2014, the combined ownership of its 5% shareholders did not equal 50% or more of its common stock for more than half the days of each of those respective years, as applicable. If GS&T does not qualify for the Section 883 exemption, GS&T’s U.S. source shipping income, i.e., 50% of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) would be subject to a 4% tax without allowance for deductions (the “U.S. gross transportation tax”). Prior to the Merger, Baltic Trading was also incorporated in the Marshall Islands and its stock is primarily traded on an established securities market in the U.S. However, GS&T indirectly owned shares of Baltic Trading’s Class B Stock which provided GS&T with over 50% of the combined voting power of all classes of Baltic Trading’s voting stock since Baltic Trading’s IPO was completed on March 15, 2010 until the Merger with Baltic Trading on July 17, 2015 (pursuant to which GS&T exchanged its shares for Baltic Trading’s outstanding common stock). As a result, Baltic Trading’s Class B Stock has not been treated as regularly traded (a corporation’s stock is not regularly traded if, amongst other things, 50% or more of its stock (by vote or value) is not listed on one or more established securities markets) and Baltic Trading did not satisfy the publicly traded test in 2015 (and could not satisfy the qualified shareholder test or the controlled foreign corporation test in 2015). Thus, Baltic Trading did not qualify for a Section 883 exemption in 2015. As such, Baltic Trading was subject to U.S. gross transportation income tax on its U.S. source shipping income. As a result of the Merger, Baltic Trading should qualify for the Section 883 exemption under the qualified shareholder test in 2016 and future taxable years as long as GS&T qualifies for the Section 883 exemption by satisfying the publicly-traded test in such years. During the year ended December 31, 2015 and the period from July 9 to December 31, 2014, Baltic Trading had U.S. source shipping income of $1,706 and $450, respectively. Baltic Trading’s estimated U.S. gross transportation income tax expense for the year ended December 31, 2015 and the period from July 9 to December 31, 2014 was $68 and $18, respectively. During the period from January 1 to July 9, 2014, Baltic Trading had U.S. source shipping income of $965. Baltic Trading’s U.S. gross transportation income tax expense for the period from January 1 to July 9, 2014 was $39. In addition to GS&T’s shipping income and pursuant to certain agreements, GS&T technically and commercially managed vessels for Baltic Trading until the Merger, as well as provided technical management of vessels for MEP in exchange for specified fees for these services provided. These services were performed by Genco Management (USA) Limited (“Genco (USA)”), which has elected to be taxed as a corporation for United States federal income tax purposes. As such, Genco (USA) is subject to United States federal income tax (currently imposed at graduated rates of up to 35%) on its worldwide net income, including the net income derived from providing these services. Genco (USA) has entered into a cost-sharing agreement with the Company and Genco Ship Management LLC, collectively “Manco,” pursuant to which Genco (USA) agrees to reimburse Manco for the costs incurred by Genco (USA) for the use of Manco’s personnel and services in connection with the provision of management services for both Baltic Trading and MEP’s vessels. Total revenue earned by the Successor Company for these services during the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 was $2,340, $6,410 and $3,893, respectively, of which $0, $3,235 and $2,309, respectively, eliminated upon consolidation. After allocation of certain expenses, there was taxable net income of $1,502 associated with these activities for the year ended December 31, 2016. This resulted in estimated U.S. federal net income tax expense of $709. After allocation of certain expenses, there was taxable net income of $3,880 associated with these activities for the year ended December 31, 2015. This resulted in estimated U.S. federal net income tax expense of $1,753 for the year ended December 31, 2015. After allocation of certain expenses, there was taxable net income of $2,178 associated with these activities for the period from July 9 to December 31, 2014. This resulted in estimated U.S. federal net income tax expense of $978 for the period from July 9 to December 31, 2014. Total revenue earned by the Predecessor Company for these services during the period from January 1 to July 9, 2014 was $3,857, of which $2,156 was eliminated upon consolidation. After allocation of certain expenses, there was taxable net income of $1,723 associated with these activities for the period from January 1 to July 9, 2014. This resulted in estimated U.S. federal net income tax expense of $776 for the period from January 1 to July 9, 2014. |
Deferred revenue | Deferred revenue Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. Refer to “Revenue and voyage expense recognition” above for description of the Company’s revenue recognition policy. |
Comprehensive income | Comprehensive income The Company follows ASC Subtopic 220-10, “Comprehensive Income” (“ASC 220-10”), which establishes standards for reporting and displaying comprehensive income and its components in financial statements. Comprehensive income is comprised of net income and amounts related to unrealized gains or losses associated with the Company’s AFS investments, as well as the Company’s interest rate swaps accounted for as hedges prior to their termination as part of the Chapter 11 Cases. |
Nonvested stock awards | Nonvested stock awards The Company follows ASC Subtopic 718-10, “Compensation — Stock Compensation” (“ASC 718-10”), for nonvested stock issued under its equity incentive plans. Stock-based compensation costs from nonvested stock have been classified as a component of additional paid-in capital. |
Accounting estimates | Accounting estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels and the fair value of derivative instruments, if any. Actual results could differ from those estimates. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and cash and cash equivalents. With respect to amounts due from charterers, the Company attempts to limit its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Successor Company earned 100% of voyage revenues from 52, 52 and 44 customers during the years ended December 31, 2016 and 2015 and during the period from July 9 to December 31, 2014. The Predecessor Company earned 100% of voyage revenues from 33 customers during the period from January 1 to July 9, 2014. Management does not believe significant risk exists in connection with the Company’s concentrations of credit at December 31, 2016 and 2015. For the year ended December 31, 2016 for the Successor Company, there were three customers that individually accounted for more than 10% of voyage revenues; Swissmarine Services S.A., including its subsidiaries (“Swissmarine”), Clipper Group, including Clipper Bulk Shipping, the Clipper Logger Pool and the Clipper Sapphire Pool (“Clipper”), and Pioneer Navigation Ltd., which represented 25.31%, 22.96% and 11.11% of voyage revenues, respectively. For the year ended December 31, 2015 for the Successor Company, there were three customers that individually accounted for more than 10% of voyage revenues; Swissmarine, Clipper, and Pioneer Navigation Ltd., which represented 24.37%, 19.09% and 13.03% of voyage revenues, respectively. For the period from July 9 to December 31, 2014 for the Successor Company, there were two customers that individually accounted for more than 10% of voyage revenues; Cargill International S.A., including its subsidiaries (“Cargill”) and Swissmarine, which represented 17.06% and 22.52% of voyage revenues, respectively. For the period from January 1 to July 9, 2014 for the Predecessor Company, there were two customers that individually accounted for more than 10% of voyage revenues; Cargill and Swissmarine, which represented 19.37% and 20.67% of voyage revenues, respectively. At December 31, 2016 and 2015, the Company maintains all of its cash and cash equivalents with four and three financial institutions, respectively. None of the Company’s cash and cash equivalent balance is covered by insurance in the event of default by these financial institutions. |
Fair value of financial instruments | Fair value of financial instruments The estimated fair values of the Company’s financial instruments, such as amounts due to / due from charterers, accounts payable and long-term debt, approximate their individual carrying amounts as of December 31, 2016 and 2015 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 13 — Fair Value of Financial Instruments for additional disclosure on the fair values of long-term debt and AFS securities. |
Derivative financial instruments | Derivative financial instruments Interest rate risk management The Company is exposed to the impact of interest rate changes. The Company’s objective is to manage the impact of interest rate changes on its earnings and cash flow in relation to borrowings primarily for the purpose of acquiring drybulk vessels. These borrowings are subject to a variable borrowing rate. Up until the Effective Date, the Company used pay-fixed receive-variable interest rate swaps to manage future interest costs and the risk associated with changing interest rate obligations. These swaps were designated as cash flow hedges of future variable rate interest payments and were tested for effectiveness on a quarterly basis. Refer to Note 11 — Interest Rate Swap Agreements for further information regarding the interest rate swaps that were held by the Company prior to the Effective Date. The differential to be paid or received for the effectively hedged portion of any swap agreement was recognized as an adjustment to interest expense as incurred. Additionally, the changes in value for the portion of the swaps that were effectively hedging future interest payments were reflected as a component of AOCI. For the interest rate swaps that are not designated as an effective hedge, the change in the value and the rate differential to be paid or received was recognized as other expense and is listed as a component of other (expense) income in the Consolidated Statements of Operations. |
Recent accounting pronouncements | Recent accounting pronouncements In November 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). This ASU adds or clarifies the guidance in ASC 230 – Statement of Cash Flows regarding the classification and presentation of restricted cash in the statement of cash flows. ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flow. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. ASU 2016-18 must be adopted retrospectively. The Company is currently evaluating the impact of this adoption on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This ASU adds or clarifies the guidance in ASC 230 – Statement of Cash Flows regarding the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those years and early adoption is permitted. This ASU shall be applied retrospectively to all periods presented, but may be applied prospectively from the earliest date practicable if retrospective application would be impracticable. The Company is currently evaluating the impact of this adoption on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which replaces the existing guidance in ASC 840 – Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize a straight-line total lease expense. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is currently evaluating the impact of this adoption on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). This ASU will require that equity investments are measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 will be effective for annual periods beginning after December 15, 2017, and interim periods within those years. The Company is currently evaluating the impact of this adoption on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15 (“ASU 2015-15”), which amends presentation and disclosure requirements outlined in ASU 2015-03, “Interest-Imputation of Interest (ASC Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” (“ASU 2015-03”) by clarifying guidance for debt issuance costs related to line of credit arrangements by acknowledging the statement by SEC staff that it would not object to presentation of debt issuance costs related to a line of credit arrangement as an asset, and amortizing them ratably over the term of the line of credit arrangement, regardless of whether there were any borrowings outstanding under the agreement. Issued in April 2015, ASU 2015-03 required debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented as deferred charge assets, separate from the related debt liability. ASU 2015-03 does not change the recognition and measurement requirements for debt issuance costs. ASU 2015-03 was effective for fiscal years beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-03 during the three months ended March 31, 2016 on a retrospective basis. Refer to Note 9 — Debt. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. Subsequent to the issuance of ASU 2014-09, the FASB issued the following ASU’s which amend or provide additional guidance on topics addressed in ASU 2014-09. In March 2016, the FASB issued ASU No. 2016-08, “Revenue Recognition - Principal versus Agent” (reporting revenue gross versus net). In April 2016, the FASB issued ASU No. 2016-10, “Revenue Recognition - Identifying Performance Obligations and Licenses.” Lastly, in May 2016 and December 2016, the FASB issued ASU No. 2016-12, “Revenue Recognition - Narrow Scope Improvements and Practical Expedients” and ASU No. 2016-20, “Technical Corrections and Imprvements to Top 606, Revenue from Contracts with Customers.” The Company is evaluating the potential impact of this adoption on its consolidated financial statements. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
GENERAL INFORMATION | |
Schedule of effects of the Plan and fresh-start reporting | Fresh-Start Adjustments Debt Discharge and Reinstatement Revaluation of Predecessor Equity of Assets and Successor July 9, 2014 Issuance (a) Liabilities (b) Liabilities (c) July 9, 2014 Assets Current assets: Cash and cash equivalents $ $ $ — $ — $ Restricted cash — — — Due from charterers, net — — — Prepaid expenses and other current assets — — Time charters acquired — — — Total current assets — Noncurrent assets: Vessels, net — — Deposits on vessels — — Deferred drydock, net — — Deferred financing costs, net — — Fixed assets, net — — Other noncurrent assets — — — Restricted cash — — — Investments — — — Goodwill — — — Total noncurrent assets — Total assets $ $ $ — $ $ Liabilities and Equity Current liabilities not subject to compromise: Accounts payable and accrued expenses $ $ $ $ — $ Current portion of long-term debt — — Deferred revenue — — — Time charters acquired — — — Total current liabilities not subject to compromise Noncurrent liabilities not subject to compromise: Long-term lease obligations — — — Long-term debt — — Total noncurrent liabilities not subject to compromises — Total liabilities subject to compromise — — Total liabilities — Equity: Genco Shipping & Trading Limited shareholders’ equity: Predecessor Common stock — — — Predecessor Additional paid-in capital — — — Successor Common stock — — — Successor Additional paid-in capital — — — Accumulated other comprehensive income — — — Retained (deficit) earnings — — Total Genco Shipping & Trading Limited shareholders’ equity — Noncontrolling interest — — Total equity — Total liabilities and equity $ $ $ — $ $ (a) Debt Discharge and Equity Issuance — this column reflects the following adjustments pursuant to the Plan: 1. Items comprising the net gain on settlement of liabilities subject to compromise in exchange for equity issuance — see Note 18. Predecessor Period from January 1 to July 9, 2014 Discharge of the outstanding debt under the 2007 Credit Facility $ Discharge of the long-term interest payable due pursuant to the 2007 Credit Facility Discharge of the 2010 Notes liability Discharge of coupon interest on the 2010 Notes liability The elimination of deferred financing fees associated with the discharged obligations The elimination of accumulated other comprehensive income related to interest rate swaps associated with the discharged obligations Issuance of Successor common stock Net gain on the discharge of Predecessor liabilities related to liabilities subject to compromise and associated issuance of Successor equity $ 2. Other items associated with the settlement of liabilities subject to compromise: · The payment of interest expense accrued up to the Effective Date of $1,772, $59 and $156 for the 2007 Credit Facility, the $100 Million Term Loan Facility and the $253 Million Term Loan Facility, respectively. · The paydown on the Effective Date of $1,923 and $5,075 for the $100 Million Term Loan Facility and $253 Million Term Loan Facility, respectively, which were due on the Effective Date as they were not paid during the pendency of the Chapter 11 Cases. · The payment of deferred financing fees of $3,490 for the Amended and Restated $100 Million and $253 Million Term Loan Facilities. 3. The reclassification to retained (deficit) earnings of $34,931 related to the gain associated with the Company’s investments. 4. The reclassification of $900 of initial equity to accounts payable that represents the estimated amount of the notes discharged that will be paid in cash to nonaccredited investors. 5. The reclassification to retained (deficit) earnings of the Predecessor common stock of $445 and Predecessor additional paid in capital of $849,130. 6. Receipt of the proceeds of the $100,000 rights offering pursuant to the Plan. (b) Reinstatement of Liabilities — this column reflects the reinstatement of the remaining Liabilities subject to compromise for the Predecessor Company which were not already adjusted in the Debt Discharge and Equity Issuance column. It includes the following adjustments: · The reclassification of the debt outstanding under the Amended and Restated $100 Million Term Loan Facility. This includes $7,692 of current long-term debt and $63,946 of long-term debt. · The reclassification of the debt outstanding under the Amended and Restated $253 Million Term Loan Facility. This includes $20,300 of current long-term debt and $150,343 of long-term debt. · The reinstatement of $5,622 related to the termination of the interest rate swap agreement with DNB Bank ASA. · The reinstatement of the $815 lease obligation. · The reinstatement of $41 of pre-petition accounts payable due to vendors in the United States. (c) Revaluation of Assets and Liabilities — Fresh-start reporting adjustments are made to reflect asset values at their estimated fair value, including: · Adjustment of $179 to prepaid amounts for the Predecessor Company. · Adjustment to reflect the fair value of time charters acquired of $434. · Adjustment of $1,083,404 to reflect the fair value of vessel assets, vessel deposits, drydocking assets and other fixed assets as of the Effective Date. The portion of the asset revaluation associated with Baltic Trading’s noncontrolling interest in the amount of $74,355 was reflected as a reduction of noncontrolling interest. · Adjustment of $2,670 to reflect the fair value of the Company’s current lease agreement, which was previously recorded as long-term lease obligations. As of the Effective Date, the lease agreement has been valued at below market; therefore, we have recorded in “Prepaid expenses and other current assets” an asset of $138, which will be amortized over the remaining life of the lease agreement. · Goodwill in the amount of $166,067 was recognized, which represents the portion of the total reorganization value that was not attributed to specific tangible or identifiable intangible assets. The portion of the goodwill recognized in relation to Baltic Trading noncontrolling interest in the amount of $24,022 was reflected as an increase in noncontrolling interest. A summary of the allocation of the reorganization value to the fair value of the Successor Company net assets, including goodwill, is as follows: Total Reorganization Value Value of shares issued to pre-petition claimants $ Proceeds of rights offering $ Estimated fair value of debt Current portion of long-term debt Long term debt Estimated fair value of non-debt liabilities Deferred revenue Accounts payable and accrued expenses Noncontrolling interest Reorganization value of assets Estimated fair value of assets (excluding goodwill) (a) Reorganization value of assets in excess of fair value — goodwill $ (a) Estimated fair value of assets (excluding goodwill) consists of: Total current assets $ Vessels, net Deposits on vessels Deferred drydock, net Deferred financing costs, net Fixed assets, net Other noncurrent assets Restricted cash Investments Total assets excluding goodwill $ The total reduction of $53,367 in noncontrolling interest is due to the adjustment of the fair value of the noncontrolling interest derived from the Baltic Trading asset revaluation and goodwill described above and an additional revaluation adjustment of $3,034. The revalued noncontrolling interest was determined based on a relative fair value allocation of Baltic Trading Limited’s estimated equity value as July 8, 2014, which multiplied the percentage of Baltic Trading Limited’s equity ownership attributable to non-controlling interests by the estimated equity value of Baltic Trading Limited as of such date. The estimated equity value of Baltic Trading Limited as of such date was determined by multiplying the closing price of Baltic Trading Limited's publicly traded common stock by the total number of shares of Baltic Trading Limited’s common stock and Class B stock outstanding on July 8, 2014. |
Schedule of the net gain on settlement of liabilities subject to compromise in exchange for equity issuance | Predecessor Period from January 1 to July 9, 2014 Discharge of the outstanding debt under the 2007 Credit Facility $ Discharge of the long-term interest payable due pursuant to the 2007 Credit Facility Discharge of the 2010 Notes liability Discharge of coupon interest on the 2010 Notes liability The elimination of deferred financing fees associated with the discharged obligations The elimination of accumulated other comprehensive income related to interest rate swaps associated with the discharged obligations Issuance of Successor common stock Net gain on the discharge of Predecessor liabilities related to liabilities subject to compromise and associated issuance of Successor equity $ |
Summary of allocation of the reorganization value to the fair value of the Successor Company net assets, including goodwill | Total Reorganization Value Value of shares issued to pre-petition claimants $ Proceeds of rights offering $ Estimated fair value of debt Current portion of long-term debt Long term debt Estimated fair value of non-debt liabilities Deferred revenue Accounts payable and accrued expenses Noncontrolling interest Reorganization value of assets Estimated fair value of assets (excluding goodwill) (a) Reorganization value of assets in excess of fair value — goodwill $ (a) Estimated fair value of assets (excluding goodwill) consists of: Total current assets $ Vessels, net Deposits on vessels Deferred drydock, net Deferred financing costs, net Fixed assets, net Other noncurrent assets Restricted cash Investments Total assets excluding goodwill $ |
Schedule of estimated fair value of assets excluding goodwill | Total current assets $ Vessels, net Deposits on vessels Deferred drydock, net Deferred financing costs, net Fixed assets, net Other noncurrent assets Restricted cash Investments Total assets excluding goodwill $ |
Schedule of wholly owned ship-owning subsidiaries | Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2016: Wholly Owned Subsidiaries Vessel Acquired Dwt Delivery Date Year Built Genco Reliance Limited Genco Reliance 12/6/04 Genco Vigour Limited Genco Vigour 12/15/04 Genco Explorer Limited Genco Explorer 12/17/04 Genco Carrier Limited Genco Carrier 12/28/04 Genco Progress Limited Genco Progress 1/12/05 Genco Wisdom Limited Genco Wisdom 1/13/05 Genco Success Limited Genco Success 1/31/05 Genco Beauty Limited Genco Beauty 2/7/05 Genco Knight Limited Genco Knight 2/16/05 Genco Prosperity Limited Genco Prosperity 4/4/05 Genco Muse Limited Genco Muse 10/14/05 Genco Surprise Limited Genco Surprise 11/17/06 Genco Augustus Limited Genco Augustus 8/17/07 Genco Tiberius Limited Genco Tiberius 8/28/07 Genco London Limited Genco London 9/28/07 Genco Titus Limited Genco Titus 11/15/07 Genco Challenger Limited Genco Challenger 12/14/07 Genco Charger Limited Genco Charger 12/14/07 Genco Warrior Limited Genco Warrior 12/17/07 Genco Predator Limited Genco Predator 12/20/07 Genco Hunter Limited Genco Hunter 12/20/07 Genco Champion Limited Genco Champion 1/2/08 Genco Constantine Limited Genco Constantine 2/21/08 Genco Raptor LLC Genco Raptor 6/23/08 Genco Cavalier LLC Genco Cavalier 7/17/08 Genco Thunder LLC Genco Thunder 9/25/08 Genco Hadrian Limited Genco Hadrian 12/29/08 Genco Commodus Limited Genco Commodus 7/22/09 Genco Maximus Limited Genco Maximus 9/18/09 Genco Claudius Limited Genco Claudius 12/30/09 Genco Bay Limited Genco Bay 8/24/10 Genco Ocean Limited Genco Ocean 7/26/10 Genco Avra Limited Genco Avra 5/12/11 Genco Mare Limited Genco Mare 7/20/11 Genco Spirit Limited Genco Spirit 11/10/11 Genco Aquitaine Limited Genco Aquitaine 8/18/10 Genco Ardennes Limited Genco Ardennes 8/31/10 Genco Auvergne Limited Genco Auvergne 8/16/10 Genco Bourgogne Limited Genco Bourgogne 8/24/10 Genco Brittany Limited Genco Brittany 9/23/10 Genco Languedoc Limited Genco Languedoc 9/29/10 Genco Loire Limited Genco Loire 8/4/10 Genco Lorraine Limited Genco Lorraine 7/29/10 Genco Normandy Limited Genco Normandy 8/10/10 Genco Picardy Limited Genco Picardy 8/16/10 Genco Provence Limited Genco Provence 8/23/10 Genco Pyrenees Limited Genco Pyrenees 8/10/10 Genco Rhone Limited Genco Rhone 3/29/11 Baltic Lion Limited Baltic Lion 4/8/15 (1) Baltic Tiger Limited Genco Tiger 4/8/15 (1) Baltic Leopard Limited Baltic Leopard 4/8/10 (2) Baltic Panther Limited Baltic Panther 4/29/10 (2) Baltic Cougar Limited Baltic Cougar 5/28/10 (2) Baltic Jaguar Limited Baltic Jaguar 5/14/10 (2) Baltic Bear Limited Baltic Bear 5/14/10 (2) Baltic Wolf Limited Baltic Wolf 10/14/10 (2) Baltic Wind Limited Baltic Wind 8/4/10 (2) Baltic Cove Limited Baltic Cove 8/23/10 (2) Baltic Breeze Limited Baltic Breeze 10/12/10 (2) Baltic Fox Limited Baltic Fox 9/6/13 (2) Baltic Hare Limited Baltic Hare 9/5/13 (2) Baltic Hornet Limited Baltic Hornet 10/29/14 (2) Baltic Wasp Limited Baltic Wasp 1/2/15 (2) Baltic Scorpion Limited Baltic Scorpion 8/6/15 Baltic Mantis Limited Baltic Mantis 10/9/15 (1) The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading. (2) The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading. |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Estimated Useful Lives of Fixed Assets | |
Property Plant and Equipment | |
Schedule of estimated useful lives of fixed assets | Description Useful lives Leasehold improvements Lesser of the estimated useful life of the asset or life of the lease Furniture, fixtures & other equipment 5 years Vessel equipment 2-15 years Computer equipment 3 years |
NET LOSS PER COMMON SHARE (Tabl
NET LOSS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
NET LOSS PER COMMON SHARE | |
Components of denominator for calculation of basic and diluted net loss per share | Successor Predecessor Year Year Period from Period from Ended Ended July 9 to January 1 to December 31, December 31, December 31, July 9, 2016 2015 2014 2014 Common shares outstanding, basic: Weighted-average common shares outstanding, basic Common shares outstanding, diluted: Weighted-average common shares outstanding, basic Dilutive effect of Series A Preferred Stock — — — — Dilutive effect of warrants — — — — Dilutive effect of convertible notes — — — — Dilutive effect of restricted stock awards — — — — Weighted-average common shares outstanding, diluted |
Reconciliation of the net loss attributable to GS&T and the net loss attributable to GS&T for diluted net loss per share | Successor Predecessor Year Year Period from Period from Ended Ended July 9 to January 1 to December 31, December 31, December 31, July 9, 2016 2015 2014 2014 Net loss attributable to GS&T $ $ $ $ Interest expense related to convertible notes, if dilutive — — — — Net loss attributable to GS&T for the computation of diluted net loss per share $ $ $ $ |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility | |
Schedule of components of Long-term debt | Successor Successor December 31, December 31, 2016 2015 Principal amount $ $ PIK interest — Less: Unamortized debt issuance costs Less: Current portion Long-term debt $ $ — |
Schedule of long-term debt | Successor Successor December 31, 2016 December 31, 2015 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $400 Million Credit Facility $ $ $ — $ — $100 Million Term Loan Facility — — $253 Million Term Loan Facility — — $44 Million Term Loan Facility — — 2015 Revolving Credit Facility — — — $98 Million Credit Facility $148 Million Credit Facility — — $22 Million Term Loan Facility — — 2014 Term Loan Facilities PIK interest — — — Total debt $ $ $ $ |
Schedule of effective interest rate and the range of interest rates on the debt | Successor Predecessor Year Year Period from Period from Ended Ended July 9 to January 1 to December 31, December 31, December 31, July 9, 2016 2015 2014 2014 Effective Interest Rate % % % % Range of Interest Rates (excluding impact of swaps and unused commitment fees) 2.69 % to 7.12 % 2.69 % to 6.73 % 2.73 % to 3.76 % 3.15 % to 5.15 % |
$400 Million Credit Facility | |
Line of Credit Facility | |
Scheduled repayment of outstanding debt | Year Ending December 31, Total 2017 $ 2018 2019 2020 2021 Total debt $ |
$98 Million Credit Facility | |
Line of Credit Facility | |
Scheduled repayment of outstanding debt | Year Ending December 31, Total 2017 $ 2018 2019 2020 Total debt $ |
2014 Term Loan Facilities | |
Line of Credit Facility | |
Scheduled repayment of outstanding debt | Year Ending December 31, Total 2017 $ 2018 2019 2020 2021 Thereafter Total debt $ |
CONVERTIBLE SENIOR NOTES (Table
CONVERTIBLE SENIOR NOTES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
CONVERTIBLE SENIOR NOTES | |
Schedule of effective interest rate, cash and non-cash interest expense and deferred financing cost amortization | Predecessor Period from January 1 to July 9, 2014 (a) Effective interest rate on liability component Cash interest expense recognized $ Non-cash interest expense recognized Non-cash deferred financing amortization costs included in interest expense (a) The amounts and percentage reflect amounts through April 21, 2014 since the Company ceased recording interest expense due to the Chapter 11 Cases. |
INTEREST RATE SWAP AGREEMENTS (
INTEREST RATE SWAP AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Predecessor | |
INTEREST RATE SWAP AGREEMENTS | |
Schedule of the impact of derivative instruments and their location within the Condensed Consolidated Statement of Operations | The Effect of Derivative Instruments on the Consolidated Statement of Operations For the Period from January 1 to July 9, 2014 Predecessor Company Amount of Amount of Amount of Gain (Loss) Location of Gain (Loss) Location of Gain (Loss) Recognized Gain (Loss) Reclassified Gain (Loss) Recognized in in AOCI on Reclassified from AOCI Recognized in Income on Derivative from AOCI into income Income on Derivative Derivatives in Cash (Effective into income (Effective Derivative (Ineffective Flow Hedging Portion) (Effective Portion) (Ineffective Portion) Relationships 2014 Portion) 2014 Portion) 2014 Interest rate contracts $ Interest Expense $ Other Income (Expense) $ — The Effect of Derivative Instruments on the Consolidated Statement of Operations For the Period from January 1 to July 9, 2014 Predecessor Company Amount of Gain (Loss) Recognized in Income in Derivative Location of For the Period Gain (Loss) from January 1 to Derivatives not designated Recognized in Income July 9, as Hedging Instruments on Derivative 2014 Interest rate contracts Interest Expense $ |
ACCUMULATED OTHER COMPREHENSI46
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of components of AOCI included in the accompanying consolidated balance sheets | Changes in AOCI by Component For the Period from July 9, 2014 to December 31, 2016 Successor Company Net Unrealized Gain (Loss) on Investments AOCI — July 9, 2014 $ — OCI before reclassifications Amounts reclassified from AOCI — Net current-period OCI AOCI — December 31, 2014 $ OCI before reclassifications Amounts reclassified from AOCI Net current-period OCI AOCI — December 31, 2015 $ OCI before reclassifications Amounts reclassified from AOCI Net current-period OCI AOCI — December 31, 2016 $ — Changes in AOCI by Component For the Period from January 1, 2014 to July 9, 2014 Predecessor Company Net Unrealized Gain (Loss) on Net Unrealized Cash Flow Gain (Loss) on Hedges Investments Total AOCI — January 1, 2014 $ $ $ OCI before reclassifications Amounts reclassified from AOCI — Net current-period OCI AOCI — July 9, 2014 $ $ $ |
Reclassifications Out of AOCI | Reclassifications Out of AOCI Successor Company Amount Reclassified from AOCI Successor For the For the For the Year Year Period from Ended Ended July 9 to Affected Line Item in December 31, December 31, December 31, the Statement Where Details about AOCI Components 2016 2015 2014 Net Loss is Presented Net unrealized loss on investments Realized gain (loss) on sale of AFS investment $ $ $ — Other income (expense) Impairment of AFS investment — Impairment of investment Total reclassifications for the period $ $ $ — Reclassification Out of AOCI Predecessor Company Amount Predecessor For the Period from Affected Line Item January 1 to in the Statement July 9, Where Net Loss is Details about AOCI Components 2014 Presented Gains and losses on cash flow hedges Interest rate contracts $ Interest expense Total reclassifications for the period $ |
FAIR VALUE OF FINANCIAL INSTR47
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of fair values and carrying values of the Company's financial instruments | Successor December 31, 2016 December 31, 2015 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ $ $ $ Restricted cash Floating rate debt |
Schedule of fair values of the Company's financial assets and liabilities | Successor December 31, 2016 Quoted Market Prices in Active Markets Total (Level 1) Investments $ — $ — Successor December 31, 2015 Quoted Market Prices in Active Markets Total (Level 1) Investments $ $ |
PREPAID EXPENSES AND OTHER CU48
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS | |
Schedule of prepaid expenses and other current assets | Successor Successor December 31, December 31, 2016 2015 Lubricant inventory, fuel oil and diesel oil inventory and other stores $ $ Prepaid items Insurance receivable Other Total prepaid expenses and other current assets $ $ |
DEFERRED FINANCING COSTS (Table
DEFERRED FINANCING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
DEFERRED FINANCING COSTS | |
Schedule of deferred financing costs | Successor Successor December 31, December 31, 2016 2015 2015 Revolving Credit Facility $ — $ $148 Million Credit Facility — Total deferred financing costs — Less: accumulated amortization — Total $ — $ |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Detail of Fixed Assets, Excluding Vessels | |
FIXED ASSETS | |
Schedule of fixed assets | Successor Successor December 31, December 31, 2016 2015 Fixed assets, at cost: Vessel equipment $ $ Furniture and fixtures Computer equipment Total costs Less: accumulated depreciation and amortization Total $ $ |
ACCOUNTS PAYABLE AND ACCRUED 51
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
Schedule of accounts payable and accrued expenses | Successor Successor December 31, December 31, 2016 2015 Accounts payable $ $ Accrued general and administrative expenses Accrued vessel operating expenses Total $ $ |
LIABILITIES SUBJECT TO COMPRO52
LIABILITIES SUBJECT TO COMPROMISE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
LIABILITIES SUBJECT TO COMPROMISE | |
Schedule of liabilities subject to compromise | Predecessor July 9, 2014 2007 Credit Facility $ $100 Million Term Loan Facility $253 Million Term Loan Facility Interest payable Terminated interest rate swap liability Convertible senior note payable Bond coupon interest payable Lease obligation Pre-petition accounts payable Total $ |
REORGANIZATION ITEMS, NET (Tabl
REORGANIZATION ITEMS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
REORGANIZATION ITEMS, NET | |
Schedule of Reorganization items, net | Successor Predecessor Period from Period from Period from Year Year Period from January 1 to January 1 to January 1 to Ended Ended July 9 to July 9, July 9, July 9, December 31, December 31, December 31, 2014 2014 2014 2016 2015 2014 (As Reported) Adjustment (c) (As Restated) Professional fees incurred $ $ $ $ $ — $ Trustee fees incurred — Total reorganization fees $ $ $ $ $ — $ Gain on settlement of liabilities subject to compromise $ — $ — $ — $ $ $ — Net gain on debt and equity discharge and issuance — — — — Gain on settlement of liabilities subject to compromise in exchange for equity issuance, net (a) — — — — Fresh-start reporting adjustments (b) — — — Total fresh-start adjustment $ — $ — $ — $ $ $ Total reorganization items, net $ $ $ $ $ $ (a) For determination of this amount see footnote (a), subnote 1. in Note 1 under the table “Fresh-Start Adjustments.” (b) For determination of this amount see footnote (c) in Note 1 under the table “Fresh-Start Adjustments.” See Note 25 — Restatement of Consolidated Financial Statements of the Predecessor Company. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Stock Units | |
Nonvested Stock Awards | |
Summary of nonvested stock awards | Successor Year Ended December 31, 2016 2015 Weighted Weighted Number of Average Grant Number of Average Grant RSUs Date Price RSUs Date Price Outstanding at January 1 $ — $ — Granted Vested Forfeited — — — — Outstanding at December 31 $ $ The total fair value of the RSUs that vested during the years ended December 31, 2016 and 2015 for the Successor Company was $30 and $116, respectively. There were no RSUs that vested during the period from July 9 to December 31, 2014 for the Successor Company. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. On February 17, 2016, the vesting of 23,286 outstanding RSUs, or 2,328 outstanding RSUs on a post-reverse stock split basis, were accelerated upon the resignation of two members on the Company’s Board of Directors. The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2016: Unvested RSUs Vested RSUs December 31, 2016 December 31, 2016 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price $ $ |
Schedule of nonvested stock amortization expense | Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ $ — |
2014 MIP Plan | |
Nonvested Stock Awards | |
Summary of nonvested stock awards | Successor Year Ended December 31, 2016 2015 Weighted Weighted Number of Average Grant Number of Average Grant Shares Date Price Shares Date Price Outstanding at January 1 $ $ Granted — — — — Vested Forfeited — — — — Outstanding at December 31 $ $ Successor Weighted Number of Average Grant Shares Date Price Outstanding at July 9, 2014 — $ — Granted Vested — — Forfeited — — Outstanding at December 31, 2014 $ |
Schedule of nonvested stock amortization expense | Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ $ |
2015 EIP Plan | Restricted Stock | |
Nonvested Stock Awards | |
Summary of nonvested stock awards | Successor Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2016 — $ — Granted Vested Forfeited — — Outstanding at December 31, 2016 $ |
Schedule of nonvested stock amortization expense | Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ — $ — |
Baltic Trading Plan | |
Nonvested Stock Awards | |
Summary of nonvested stock awards | Year Ended December 31, 2015 2014 Number Number of Baltic Weighted of Baltic Weighted Trading Average Trading Average Common Grant Date Common Grant Date Shares Price Shares Price Outstanding at January 1 $ $ Granted — — Vested Forfeited — — — — Outstanding at December 31 — $ — $ |
Schedule of nonvested stock amortization expense | Successor Predecessor Year Period From Period From Ended July 9 to January 1 to December 31, December 31, July 9, 2015 2014 2014 General and administrative expenses $ $ $ |
Predecessor | 2005 and 2012 GS&T Plans | |
Nonvested Stock Awards | |
Summary of nonvested stock awards | Predecessor Period from January 1 to July 9, 2014 Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2014 $ Granted — — Vested Forfeited — — Outstanding at July 9, 2014 — $ — |
Schedule of nonvested stock amortization expense | Predecessor Period from January 1 to July 9, 2014 General and administrative expenses $ |
Warrants | 2014 MIP Plan | |
Nonvested Stock Awards | |
Schedule of nonvested stock amortization expense | Successor Year Year Period from Ended Ended July 9 to December 31, December 31, December 31, 2016 2015 2014 General and administrative expenses $ $ $ |
Summary of warrant activity and warrants outstanding | Successor Year Ended December 31, 2016 2015 Weighted Weighted Weighted Weighted Number of Average Exercise Average Fair Number of Average Exercise Average Fair Warrants Price Value Warrants Price Value Outstanding at January 1 $ $ $ $ Granted — — — — — — Exercisable Exercised — — — — — — Forfeited — — — — — — Outstanding at December 31 $ $ $ $ Successor Weighted Weighted Number of Average Exercise Average Fair Warrants Price Value Outstanding at July 9, 2014 — $ — $ — Granted Exercisable — — — Exercised — — — Forfeited — — — Outstanding at December 31, 2014 $ $ The following table summarizes certain information about the warrants outstanding as of December 31, 2016: Warrants Outstanding, Warrants Exercisable, December 31, 2016 December 31, 2016 Weighted Weighted Weighted Average Weighted Average Weighted Average Remaining Average Remaining Average Number of Exercise Contractual Number of Exercise Contractual Exercise Price Warrants Price Life Warrants Price Life $ $ $ |
RESTATEMENT OF CONSOLIDATED F55
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Predecessor | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Schedule of restatement corrections | Consolidated Statement of Operations (U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data) Predecessor Predecessor Period from Period from January 1 to January 1 to July 9, July 9, 2014 2014 As Reported Adjustment As Restated Loss before reorganization items, net $ — $ Reorganization items, net (a) (Loss) income before income taxes Income tax expense — Net (loss) income Less: Net loss attributable to noncontrolling interest (b) Net (loss) income attributable to Genco Shipping & Trading Limited $ $ $ Net (loss) income per share-basic $ N/A $ Net (loss) income per share-diluted $ N/A $ Weighted average common shares outstanding-basic N/A Weighted average common shares outstanding-diluted N/A Dividends declared per share $ — N/A $ — (a) The adjustment is the result of errors in the Company’s prior accounting for the following transactions associated with the application of fresh—start accounting: Adjustment Discharge of Predecessor equity (1) $ Issuance of Successor equity (2) Recording of goodwill in fresh-start accounting (3) Total $ (1) The accounting consequences related to the discharge of Predecessor equity were previously reported as a component in the computation of “Reorganization items, net”. The adjustment is to exclude the accounting consequences related to the discharge of Predecessor equity from the computation of “Reorganization items, net”. (2) The accounting consequences related to the issuance of Successor equity were previously excluded as a component in the computation of “Reorganization items, net”. The adjustment is to include from the accounting consequences related to the issuance of Successor equity in the computation of “Reorganization items, net”. (3) The accounting consequences related to the recognition of goodwill were previously excluded as a component in the computation of “Reorganization items, net”. The adjustment is to include the accounting consequences related to the establishment of goodwill in the computation of “Reorganization items, net”. (b) The adjustment is the result of errors in the Company’s prior accounting for the consequences to non-controlling interests of certain transactions associated with the application of fresh-start accounting. Consolidated Statement of Comprehensive Loss (U.S. Dollars in Thousands) Predecessor Predecessor Period from Period from January 1 to January 1 to July 9, July 9, 2014 2014 As Reported Adjustment As Restated Net (loss) income $ $ Change in unrealized (loss) gain on investments — Unrealized gain on cash flow hedges, net — Other comprehensive (loss) income Comprehensive (loss) income Less: Comprehensive loss attributable to noncontrolling interest Comprehensive (loss) income attributable to Genco Shipping & Trading Limited $ $ (1,744,440) $ In addition, the effect of correcting for these errors resulted in the restatement of: · The previously reported components of Reorganization items, net — see Note 20; · The following previously reported financial information included in the column “Debt Discharge and Equity Issuance” in the table “Fresh-Start Adjustments” in Note 1: Debt Discharge Debt Discharge and Equity and Equity Issuance Issuance (a) (as reported) Adjustment (as restated) Assets Current assets: Cash and cash equivalents $ $ — $ Restricted cash — — — Due from charterers, net — — — Prepaid expenses and other current assets — — — Time charters acquired — — — Total current assets — Noncurrent assets: Vessels, net — — — Deposits on vessels — — — Deferred drydock, net — — — Deferred financing costs, net — Fixed assets, net — — — Other noncurrent assets — — — Restricted cash — — — Investments — — — Goodwill — — — Total noncurrent assets — Total assets $ $ — $ Liabilities and Equity Current liabilities not subject to compromise: Accounts payable and accrued expenses $ $ — $ Current portion of long-term debt — — — Deferred revenue — — — Time charters acquired — — — Total current liabilities not subject to compromise — Noncurrent liabilities not subject to compromise: Long-term lease obligations — — — Long-term debt — — — Total noncurrent liabilities not subject to compromises — — — Total liabilities subject to compromise — Total liabilities — Equity: Genco Shipping & Trading Limited shareholders’ equity: Predecessor Common stock — Predecessor Additional paid-in capital — Successor Common stock — Successor Additional paid-in capital — Accumulated other comprehensive income Retained (deficit) earnings Total Genco Shipping & Trading Limited shareholders’ equity Noncontrolling interest — Total equity — Total liabilities and equity $ $ — $ · The following previously reported financial information included in the column “Revaluation of Assets and Liabilities” in the table “Fresh-Start Adjustments” in Note 1: Revaluation of Revaluation of Assets and Assets and Liabilities Liabilities (as reported) Adjustment (as restated) Assets Current assets: Cash and cash equivalents $ — $ — $ — Restricted cash — — — Due from charterers, net — — — Prepaid expenses and other current assets — Time charters acquired — Total current assets — Noncurrent assets: Vessels, net — Deposits on vessels — Deferred drydock, net — Deferred financing costs, net — — — Fixed assets, net — Other noncurrent assets — — — Restricted cash — — — Investments — — — Goodwill — Total noncurrent assets — Total assets $ $ — $ Liabilities and Equity Current liabilities not subject to compromise: Accounts payable and accrued expenses $ — $ — $ — Current portion of long-term debt — — — Deferred revenue — — — Time charters acquired — Total current liabilities not subject to compromise — Noncurrent liabilities not subject to compromise: Long-term lease obligations — Long-term debt — — — Total noncurrent liabilities not subject to compromises — Total liabilities subject to compromise — — — Total liabilities — Equity: Genco Shipping & Trading Limited shareholders’ equity: — — — Predecessor Common stock — — — Predecessor Additional paid-in capital — — — Successor Common stock — — — Successor Additional paid-in capital — — — Accumulated other comprehensive income — Retained (deficit) earnings Total Genco Shipping & Trading Limited shareholders’ equity Noncontrolling interest — Total equity — Total liabilities and equity $ $ — $ |
UNAUDITED QUARTERLY RESULTS O56
UNAUDITED QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | |
Schedule of unaudited quarterly results of operations | 2016 Successor Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ $ $ $ Operating loss Net loss Net loss attributable to noncontrolling interest — — — — Net loss attributable to Genco Shipping & Trading Limited Net loss per share - basic (1) $ $ $ $ Net loss per share - diluted (1) $ $ $ $ Weighted average common shares outstanding - basic Weighted average common shares outstanding - diluted 2015 Successor Quarter Ended (2) (In thousands, except share and per share amounts) March 31, June 30, September 30, December 31, Voyage Revenues $ $ $ $ Operating loss Net loss Net loss attributable to noncontrolling interest — Net loss attributable to Genco Shipping & Trading Limited Net loss per share - basic (1) $ $ $ $ Net loss per share - diluted (1) $ $ $ $ Weighted average common shares outstanding - basic Weighted average common shares outstanding - diluted (1) Amounts may not total to annual loss because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period. (2) Amounts may not total to annual amountsfor the years ended December 31, 2016 and 2015 as reported in the Consolidated Statements of Operations due to rounding. |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) $ / shares in Units, $ in Thousands | Jan. 04, 2017$ / sharesshares | Nov. 15, 2016USD ($)$ / sharesshares | Oct. 13, 2016USD ($)$ / sharesshares | Jul. 07, 2016 | Apr. 15, 2016shares | Apr. 07, 2015USD ($)itemshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Apr. 14, 2016shares | Jul. 17, 2015 |
Summary of Significant Accounting Policies | ||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 250,000,000 | |||||||
Preferred Stock, Shares Authorized | 100,000,000 | |||||||||||
Reverse stock split | 0.1 | |||||||||||
Line of Credit Facility | ||||||||||||
Issuance of stock (in shares) | 13,102 | 1,128,713 | ||||||||||
Business Acquisition | ||||||||||||
Equity effect of purchase of entities under common control | $ | $ 590 | |||||||||||
Peter C. Georgiopoulos | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Warrants exercisable | 213,937 | |||||||||||
Peter C. Georgiopoulos | Restricted Stock | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Granted (in shares) | 68,581 | |||||||||||
Separation and release agreement | Peter C. Georgiopoulos | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Severance payment | $ | $ 500 | |||||||||||
Minimum | Peter C. Georgiopoulos | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Exercise price per share | $ / shares | $ 259.10 | |||||||||||
Maximum | Peter C. Georgiopoulos | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Exercise price per share | $ / shares | $ 341.90 | |||||||||||
Baltic Trading Merger | ||||||||||||
Business Acquisition | ||||||||||||
Shares issued as purchase consideration | 0.216 | |||||||||||
Ownership interest upon merger completion (as a percent) | 84.50% | |||||||||||
Percentage ownership by others in merged company | 15.50% | |||||||||||
Gain (loss) recognized | $ | $ 0 | |||||||||||
Baltic Trading | Single Purpose Entities | Baltic Tiger and Baltic Lion | ||||||||||||
Business Acquisition | ||||||||||||
Number of single purpose entities | item | 2 | |||||||||||
Number of vessels owned by each entity | item | 1 | |||||||||||
Purchase price | $ | $ 68,500 | |||||||||||
First-mortgage debt assumed | $ | $ 40,563 | |||||||||||
Equity effect of purchase of entities under common control | $ | $ 590 | |||||||||||
Common Stock | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Reverse stock split | 0.1 | |||||||||||
Common Stock | Minimum | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Reverse stock split | 0.04 | |||||||||||
Common Stock | Maximum | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Reverse stock split | 0.50 | |||||||||||
Period after which stock split is effective | 1 year | |||||||||||
Series A Preferred Stock | ||||||||||||
Line of Credit Facility | ||||||||||||
Issuance of stock (in shares) | 27,061,856 | |||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Series A Preferred Stock | Subsequent event | ||||||||||||
Line of Credit Facility | ||||||||||||
Common stock authorized for conversion of preferred stock | 27,061,856 | |||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||
Preferred stock outstanding (in shares) | 27,061,856 | |||||||||||
Preferred stock converted into common stock | 27,061,856 | |||||||||||
Private placement | Series A Preferred Stock | ||||||||||||
Line of Credit Facility | ||||||||||||
Issuance of stock (in shares) | 27,061,856 | |||||||||||
Issuance of stock excluding services (in shares) | 25,773,196 | |||||||||||
Share price (in dollars per share) | $ / shares | $ 4.85 | |||||||||||
Additional shares issued as commitment fee (in shares) | 1,288,660 | |||||||||||
Net proceeds | $ | $ 120,789 |
GENERAL INFORMATION - Chapter 1
GENERAL INFORMATION - Chapter 11 (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 08, 2016 | Apr. 21, 2014 | Jul. 27, 2010 |
Chapter 11 Cases | ||||||
Equity Financing | $ 125,000 | |||||
Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Distributable Value | $ 1,230,000 | |||||
Previous period covered under precedent transaction methodology | 5 years | |||||
2007 Credit Facility | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Bankruptcy claims settled by conversion into shares of entity (as a percent) | 100.00% | |||||
2007 Credit Facility | Chapter 11 | GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited | ||||||
Chapter 11 Cases | ||||||
Long-term debt | $ 1,055,912 | |||||
$253 Million Term Loan Facility | ||||||
Chapter 11 Cases | ||||||
Maximum borrowing capacity | $ 253,000 | |||||
$253 Million Term Loan Facility | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Maximum borrowing capacity | $ 253,000 | |||||
$253 Million Term Loan Facility | Chapter 11 | GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited | ||||||
Chapter 11 Cases | ||||||
Term loan facility floating rate debt | 175,718 | |||||
$100 Million Term Loan Facility | ||||||
Chapter 11 Cases | ||||||
Maximum borrowing capacity | $ 100,000 | |||||
$100 Million Term Loan Facility | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Maximum borrowing capacity | $ 100,000 | |||||
$100 Million Term Loan Facility | Chapter 11 | GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited | ||||||
Chapter 11 Cases | ||||||
Term loan facility floating rate debt | 73,561 | |||||
Interest rate swap | Chapter 11 | GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited | ||||||
Chapter 11 Cases | ||||||
Outstanding amount of derivatives | 5,622 | |||||
Common Stock | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
New Genco MIP Primary Equity shares distribution as percentage of new stock | 1.80% | |||||
Minimum percentage of new stock providing demand and piggyback registration rights under the registration rights agreement | 10.00% | |||||
Common Stock | 2007 Credit Facility | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
New stock issued for bankruptcy claims settlement (as a percent) | 81.10% | |||||
2010 Notes | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Bankruptcy claims settled by conversion into shares of entity (as a percent) | 100.00% | |||||
2010 Notes | Chapter 11 | GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited | ||||||
Chapter 11 Cases | ||||||
Principal amount | $ 125,000 | |||||
2010 Notes | Common Stock | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
New stock issued for bankruptcy claims settlement (as a percent) | 8.40% | |||||
Backstopped rights offering | Common Stock | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Percentage of new stock offered under offering | 8.70% | |||||
Aggregate subscription price | $ 100,000 | |||||
Backstopped rights offering | Common Stock | 2007 Credit Facility | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Maximum percentage of subscription of new stock under offering | 80.00% | |||||
Backstopped rights offering | 2010 Notes | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Maximum percentage of subscription of new stock under offering | 20.00% | |||||
New Genco Equity Warrants | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Number of warrants issued for old common stock of Genco | 3,938,298 | |||||
Class of Warrant or Right Term | 7 years | |||||
Exercise price per share | $ 209.90 | |||||
Number of warrants not exercised | 3,936,761 | 3,936,761 | ||||
New Genco Equity Warrants | Common Stock | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Number of shares of new stock in which each warrant or right can be converted | 1 | |||||
Warrants exercisable as percentage of new stock | 6.00% | |||||
Predecessor | Discounted Cash Flow Methodology Valuation Technique | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Interest rate assumed for estimating fair value of the liability component (as a percent) | 10.10% | |||||
Projection period | 4 years | |||||
Predecessor | 2010 Notes | ||||||
Chapter 11 Cases | ||||||
Interest rate on convertible notes (as a percent) | 5.00% | |||||
Predecessor | 2010 Notes | Chapter 11 | GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited | ||||||
Chapter 11 Cases | ||||||
Interest rate on convertible notes (as a percent) | 5.00% | |||||
Minimum | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Distributable Value | $ 1,100,000 | |||||
Maximum | Chapter 11 | ||||||
Chapter 11 Cases | ||||||
Distributable Value | $ 1,400,000 |
GENERAL INFORMATION - Fresh-Sta
GENERAL INFORMATION - Fresh-Start Adjustments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 10, 2014 | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets | |||||
Cash and cash equivalents | $ 136,077 | ||||
Restricted cash | 9,975 | ||||
Due from charterers, net | 13,194 | ||||
Prepaid expenses and other current assets | 30,759 | ||||
Time charters acquired | 450 | ||||
Total current assets | 190,455 | ||||
Noncurrent assets: | |||||
Vessels, net | 1,538,849 | ||||
Deposits on vessels | 30,975 | ||||
Deferred drydock, net | 188 | ||||
Deferred financing costs, net | 7,060 | ||||
Fixed assets, net | 610 | ||||
Other noncurrent assets | 514 | ||||
Restricted cash | 300 | ||||
Investments | 51,804 | ||||
Goodwill | 166,067 | ||||
Total non current assets | 1,796,367 | ||||
Total assets | 1,986,822 | ||||
Current liabilities not subject to compromise: | |||||
Accounts payable and accrued expenses | 65,725 | ||||
Current portion of long-term debt | 32,242 | ||||
Deferred revenue | 997 | ||||
Total current liabilities not subject to compromise | 98,964 | ||||
Noncurrent liabilities not subject to compromise: | |||||
Long-term debt | 375,789 | ||||
Total noncurrent liabilities not subject to compromises | 375,789 | ||||
Total liabilities | 474,753 | ||||
Equity: | |||||
Common stock | 603 | ||||
Additional paid-in capital | 1,232,397 | ||||
Total Genco Shipping & Trading Limited shareholders’ equity | 1,233,000 | ||||
Noncontrolling interest | 279,069 | ||||
Total equity | 1,512,069 | ||||
Total liabilities and equity | 1,986,822 | ||||
Long-term debt, noncurrent | $ 508,444 | ||||
Deferred revenue | 1,488 | $ 1,058 | |||
Accounts payable and accrued expenses | 22,885 | 27,467 | |||
Noncontrolling interest | $ 248,573 | ||||
Total current assets | 172,605 | 172,529 | |||
Vessels, net | 1,354,760 | 1,508,221 | |||
Deferred drydock, net | 12,637 | 16,177 | |||
Deferred financing costs, net | 3,294 | ||||
Fixed assets, net | 1,018 | 1,286 | |||
Other noncurrent assets | 514 | 514 | |||
Restricted cash non-current | $ 27,426 | 315 | |||
Investments | $ 12,327 | ||||
$100 Million Term Loan Facility | |||||
Equity: | |||||
Maximum borrowing capacity | 100,000 | ||||
$253 Million Term Loan Facility | |||||
Equity: | |||||
Maximum borrowing capacity | 253,000 | ||||
Exchange of Stock for Stock | Maximum | |||||
Equity: | |||||
Percentage of shares received of the emerging entity (as a percent) | 50.00% | ||||
Debt Discharge and Equity Issuance | |||||
Fresh-Start Adjustment, Increase (Decrease), Current Assets | |||||
Cash and cash equivalents | 87,526 | ||||
Total current assets | 87,526 | ||||
Noncurrent assets: | |||||
Deferred financing costs, net | (11,893) | ||||
Total non current assets | (11,893) | ||||
Total assets | 75,633 | ||||
Current liabilities not subject to compromise: | |||||
Accounts payable and accrued expenses | (1,086) | ||||
Total current liabilities not subject to compromise | (1,086) | ||||
Noncurrent liabilities not subject to compromise: | |||||
Total liabilities subject to compromise | (1,194,687) | ||||
Total liabilities | (1,195,773) | ||||
Equity: | |||||
Common stock | 603 | ||||
Additional paid-in capital | 1,232,397 | ||||
Accumulated other comprehensive income | (30,357) | ||||
Retained (deficit) earnings | 918,338 | ||||
Total Genco Shipping & Trading Limited shareholders’ equity | 1,271,406 | ||||
Total equity | 1,271,406 | ||||
Total liabilities and equity | 75,633 | ||||
Reclassification to retained (deficit) earnings related to the gain associated with the Company's investments | 34,931 | ||||
Reclassification of initial equity to accounts payable | 900 | ||||
Proceeds from rights offering | 100,000 | ||||
Debt Discharge and Equity Issuance | 2007 Credit Facility | |||||
Equity: | |||||
Interest payable classified as liabilities subject to compromise | 1,772 | ||||
Debt Discharge and Equity Issuance | Amended and Restated Term Loan Facility | |||||
Equity: | |||||
Payment of deferred financing fees | 3,490 | ||||
Debt Discharge and Equity Issuance | $100 Million Term Loan Facility | |||||
Equity: | |||||
Interest payable classified as liabilities subject to compromise | 59 | ||||
Line of Credit Facility Unpaid Amount | 1,923 | ||||
Debt Discharge and Equity Issuance | $253 Million Term Loan Facility | |||||
Equity: | |||||
Interest payable classified as liabilities subject to compromise | 156 | ||||
Line of Credit Facility Unpaid Amount | 5,075 | ||||
Reinstatement Of Liabilities | |||||
Current liabilities not subject to compromise: | |||||
Accounts payable and accrued expenses | 6,478 | ||||
Current portion of long-term debt | 27,992 | ||||
Total current liabilities not subject to compromise | 34,470 | ||||
Noncurrent liabilities not subject to compromise: | |||||
Long-term debt | 214,289 | ||||
Total noncurrent liabilities not subject to compromises | 214,289 | ||||
Total liabilities subject to compromise | (248,759) | ||||
Equity: | |||||
Lease obligations | 815 | ||||
Pre-petition accounts payable | 41 | ||||
Reinstatement Of Liabilities | DNB Bank ASA | |||||
Equity: | |||||
Termination of interest rate swap | 5,622 | ||||
Reinstatement Of Liabilities | $100 Million Term Loan Facility | |||||
Noncurrent liabilities not subject to compromise: | |||||
Long-term debt | 63,946 | ||||
Equity: | |||||
Long-term debt, current | 7,692 | ||||
Reinstatement Of Liabilities | $253 Million Term Loan Facility | |||||
Noncurrent liabilities not subject to compromise: | |||||
Long-term debt | 150,343 | ||||
Equity: | |||||
Long-term debt, current | 20,300 | ||||
Revaluation Of Assets And Liabilities | |||||
Fresh-Start Adjustment, Increase (Decrease), Current Assets | |||||
Prepaid expenses and other current assets | (41) | ||||
Time charters acquired | 450 | ||||
Total current assets | 409 | ||||
Noncurrent assets: | |||||
Vessels, net | (1,065,882) | ||||
Deposits on vessels | 2,317 | ||||
Deferred drydock, net | (16,396) | ||||
Fixed assets, net | (3,443) | ||||
Goodwill | 166,067 | ||||
Total non current assets | (917,337) | ||||
Total assets | (916,928) | ||||
Current liabilities not subject to compromise: | |||||
Time charters acquired | (16) | ||||
Total current liabilities not subject to compromise | (16) | ||||
Noncurrent liabilities not subject to compromise: | |||||
Long-term lease obligations | (2,670) | ||||
Total noncurrent liabilities not subject to compromises | (2,670) | ||||
Total liabilities | (2,686) | ||||
Equity: | |||||
Retained (deficit) earnings | (860,875) | ||||
Total Genco Shipping & Trading Limited shareholders’ equity | (860,875) | ||||
Noncontrolling interest | (53,367) | ||||
Total equity | (914,242) | ||||
Total liabilities and equity | (916,928) | ||||
Vessels, net adjustment | 1,083,404 | ||||
Prepaid and other current assets fair value adjustment | 138 | ||||
Value of shares issued to pre-petition claimants | 1,133,000 | ||||
Proceeds from rights offering | 100,000 | ||||
Distributable Value | 1,233,000 | ||||
Current portion of long-term debt | 32,242 | ||||
Long-term debt, noncurrent | 375,789 | ||||
Estimated fair value of debt | 408,031 | ||||
Deferred revenue | 997 | ||||
Accounts payable and accrued expenses | 65,725 | ||||
Estimated fair value of non-debt liabilities | 66,722 | ||||
Noncontrolling interest | 279,069 | ||||
Reorganization value of assets | 1,986,822 | ||||
Estimated fair value of assets (excluding goodwill) (a) | (1,820,755) | ||||
Goodwill | 166,067 | ||||
Total current assets | 190,455 | ||||
Vessels, net | 1,538,849 | ||||
Deposits Assets | 30,975 | ||||
Deferred drydock, net | 188 | ||||
Deferred financing costs, net | 7,060 | ||||
Fixed assets, net | 610 | ||||
Other noncurrent assets | 514 | ||||
Restricted cash non-current | 300 | ||||
Investments | 51,804 | ||||
Total assets excluding goodwill | 1,820,755 | ||||
Revaluation Of Assets And Liabilities | Baltic Trading | |||||
Equity: | |||||
Noncontrolling interest asset revaluation adjustment | 74,355 | ||||
Noncontrolling interest, goodwill adjustment | 24,022 | ||||
Noncontrolling interest, additional revaluation adjustment | 3,034 | ||||
Predecessor | |||||
Fresh-Start Adjustment, Increase (Decrease), Current Assets | |||||
Cash and cash equivalents | 48,551 | ||||
Restricted cash | 9,975 | ||||
Due from charterers, net | 13,194 | ||||
Prepaid expenses and other current assets | 30,800 | ||||
Total current assets | 102,520 | ||||
Noncurrent assets: | |||||
Vessels, net | 2,604,731 | ||||
Deposits on vessels | 28,658 | ||||
Deferred drydock, net | 16,584 | ||||
Deferred financing costs, net | 18,953 | ||||
Fixed assets, net | 4,053 | ||||
Other noncurrent assets | 514 | ||||
Restricted cash | 300 | ||||
Investments | 51,804 | ||||
Total non current assets | 2,725,597 | ||||
Total assets | 2,828,117 | ||||
Current liabilities not subject to compromise: | |||||
Accounts payable and accrued expenses | 60,333 | ||||
Current portion of long-term debt | 4,250 | ||||
Deferred revenue | 997 | ||||
Time charters acquired | 16 | ||||
Total current liabilities not subject to compromise | 65,596 | ||||
Noncurrent liabilities not subject to compromise: | |||||
Long-term lease obligations | 2,670 | ||||
Long-term debt | 161,500 | ||||
Total noncurrent liabilities not subject to compromises | 164,170 | ||||
Total liabilities subject to compromise | 1,443,446 | ||||
Total liabilities | 1,673,212 | ||||
Equity: | |||||
Common stock | 445 | ||||
Additional paid-in capital | 849,130 | ||||
Accumulated other comprehensive income | 30,357 | ||||
Retained (deficit) earnings | (57,463) | ||||
Total Genco Shipping & Trading Limited shareholders’ equity | 822,469 | ||||
Noncontrolling interest | 332,436 | ||||
Total equity | 1,154,905 | ||||
Total liabilities and equity | 2,828,117 | ||||
The elimination of deferred financing fees associated with the discharged obligations | (15,383) | ||||
The elimination of accumulated other comprehensive income related to interest rate swaps associated with the discharged obligations | (4,574) | ||||
Issuance of Successor common stock | (1,133,900) | ||||
Net gain on the discharge of Predecessor liabilities related to liabilities subject to compromise and associated issuance of Successor equity | 33,832 | ||||
Proceeds from rights offering | 100,000 | ||||
Goodwill | 166,067 | ||||
Predecessor | Debt Discharge and Equity Issuance | |||||
Equity: | |||||
Common stock | (445) | ||||
Additional paid-in capital | (849,130) | ||||
Predecessor | Debt Discharge and Equity Issuance | 2010 Notes | |||||
Equity: | |||||
Discharge of debt outstanding | 117,473 | ||||
Discharge of coupon interest on the 2010 Notes liability | 1,105 | ||||
Predecessor | Debt Discharge and Equity Issuance | 2007 Credit Facility | |||||
Equity: | |||||
Discharge of debt outstanding | 1,055,912 | ||||
Discharge of the long-term interest payable due pursuant to the 2007 Credit Facility | 13,199 | ||||
Predecessor | Revaluation Of Assets And Liabilities | |||||
Fresh-Start Adjustment, Increase (Decrease), Current Assets | |||||
Prepaid expenses and other current assets | 179 | ||||
Time charters acquired | $ 434 |
GENERAL INFORMATION - Other (De
GENERAL INFORMATION - Other (Details) | Oct. 01, 2015USD ($) | Sep. 30, 2015USD ($) | Jan. 31, 2016USD ($)item | Sep. 30, 2016USD ($)item | Dec. 31, 2016item | Feb. 29, 2016USD ($) | Dec. 31, 2015itemshares | Dec. 31, 2013item |
General information | ||||||||
Number of vessels in the fleet | item | 65 | 70 | 67 | |||||
MEP | ||||||||
General information | ||||||||
Technical services fee per ship per day | $ 650 | $ 750 | ||||||
Initial term of provision of technical service | 1 year | |||||||
Payment of technical services fees in arrears | $ 2,178,000 | $ 261,000 | ||||||
Number of related party vessels sold | item | 5 | 7 | ||||||
Termination fee due and repaid | $ 830,000 | $ 296,000 | ||||||
Genco Investment LLC | Baltic Trading | ||||||||
General information | ||||||||
Ownership interest held (as a percent) | 10.85% | |||||||
Aggregate voting power held (as a percent) | 64.60% | |||||||
Genco Investment LLC | Baltic Trading | Class B stock | ||||||||
General information | ||||||||
Number of shares owned by Genco Investment LLC (in shares) | shares | 6,356,471 |
GENERAL INFORMATION - Vessel De
GENERAL INFORMATION - Vessel Details (Details) | Dec. 31, 2016item |
Genco Reliance Limited | Genco Reliance | |
Vessels | |
Capacity of vessels | 29,952 |
Genco Vigour Limited | Genco Vigour | |
Vessels | |
Capacity of vessels | 73,941 |
Genco Explorer Limited | Genco Explorer | |
Vessels | |
Capacity of vessels | 29,952 |
Genco Carrier Limited | Genco Carrier | |
Vessels | |
Capacity of vessels | 47,180 |
Genco Progress Limited | Genco Progress | |
Vessels | |
Capacity of vessels | 29,952 |
Genco Wisdom Limited | Genco Wisdom | |
Vessels | |
Capacity of vessels | 47,180 |
Genco Success Limited | Genco Success | |
Vessels | |
Capacity of vessels | 47,186 |
Genco Beauty Limited | Genco Beauty | |
Vessels | |
Capacity of vessels | 73,941 |
Genco Knight Limited | Genco Knight | |
Vessels | |
Capacity of vessels | 73,941 |
Genco Prosperity Limited | Genco Prosperity | |
Vessels | |
Capacity of vessels | 47,180 |
Genco Muse Limited | Genco Muse | |
Vessels | |
Capacity of vessels | 48,913 |
Genco Surprise Limited | Genco Surprise | |
Vessels | |
Capacity of vessels | 72,495 |
Genco Augustus Limited | Genco Augustus | |
Vessels | |
Capacity of vessels | 180,151 |
Genco Tiberius Limited | Genco Tiberius | |
Vessels | |
Capacity of vessels | 175,874 |
Genco London Limited | Genco London | |
Vessels | |
Capacity of vessels | 177,833 |
Genco Titus Limited | Genco Titus | |
Vessels | |
Capacity of vessels | 177,729 |
Genco Challenger Limited | Genco Challenger | |
Vessels | |
Capacity of vessels | 28,428 |
Genco Charger Limited | Genco Charger | |
Vessels | |
Capacity of vessels | 28,398 |
Genco Warrior Limited | Genco Warrior | |
Vessels | |
Capacity of vessels | 55,435 |
Genco Predator Limited | Genco Predator | |
Vessels | |
Capacity of vessels | 55,407 |
Genco Hunter Limited | Genco Hunter | |
Vessels | |
Capacity of vessels | 58,729 |
Genco Champion Limited | Genco Champion | |
Vessels | |
Capacity of vessels | 28,445 |
Genco Constantine Limited | Genco Constantine | |
Vessels | |
Capacity of vessels | 180,183 |
Genco Raptor LLC | Genco Raptor | |
Vessels | |
Capacity of vessels | 76,499 |
Genco Cavalier LLC | Genco Cavalier | |
Vessels | |
Capacity of vessels | 53,617 |
Genco Thunder LLC | Genco Thunder | |
Vessels | |
Capacity of vessels | 76,588 |
Genco Hadrian Limited | Genco Hadrian | |
Vessels | |
Capacity of vessels | 169,694 |
Genco Commodus Limited | Genco Commodus | |
Vessels | |
Capacity of vessels | 169,025 |
Genco Maximus Limited | Genco Maximus | |
Vessels | |
Capacity of vessels | 169,025 |
Genco Claudius Limited | Genco Claudius | |
Vessels | |
Capacity of vessels | 169,025 |
Genco Bay Limited | Genco Bay | |
Vessels | |
Capacity of vessels | 34,296 |
Genco Ocean Limited | Genco Ocean | |
Vessels | |
Capacity of vessels | 34,409 |
Genco Avra Limited | Genco Avra | |
Vessels | |
Capacity of vessels | 34,391 |
Genco Mare Limited | Genco Mare | |
Vessels | |
Capacity of vessels | 34,428 |
Genco Spirit Limited | Genco Spirit | |
Vessels | |
Capacity of vessels | 34,432 |
Genco Aquitaine Limited | Genco Aquitaine | |
Vessels | |
Capacity of vessels | 57,981 |
Genco Ardennes Limited | Genco Ardennes | |
Vessels | |
Capacity of vessels | 57,981 |
Genco Auvergne Limited | Genco Auvergne | |
Vessels | |
Capacity of vessels | 57,981 |
Genco Bourgogne Limited | Genco Bourgogne | |
Vessels | |
Capacity of vessels | 57,981 |
Genco Brittany Limited | Genco Brittany | |
Vessels | |
Capacity of vessels | 57,981 |
Genco Languedoc Limited | Genco Languedoc | |
Vessels | |
Capacity of vessels | 57,981 |
Genco Loire Limited | Genco Loire | |
Vessels | |
Capacity of vessels | 53,416 |
Genco Lorraine Limited | Genco Lorraine | |
Vessels | |
Capacity of vessels | 53,416 |
Genco Normandy Limited | Genco Normandy | |
Vessels | |
Capacity of vessels | 53,596 |
Genco Picardy Limited | Genco Picardy | |
Vessels | |
Capacity of vessels | 55,257 |
Genco Provence Limited | Genco Provence | |
Vessels | |
Capacity of vessels | 55,317 |
Genco Pyrenees Limited | Genco Pyrenees | |
Vessels | |
Capacity of vessels | 57,981 |
Genco Rhone Limited | Genco Rhone | |
Vessels | |
Capacity of vessels | 58,018 |
Baltic Lion Limited | Baltic Lion | |
Vessels | |
Capacity of vessels | 179,185 |
Baltic Tiger Limited | Genco Tiger | |
Vessels | |
Capacity of vessels | 179,185 |
Baltic Leopard Limited | Baltic Leopard | |
Vessels | |
Capacity of vessels | 53,447 |
Baltic Panther Limited | Baltic Panther | |
Vessels | |
Capacity of vessels | 53,351 |
Baltic Cougar Limited | Baltic Cougar | |
Vessels | |
Capacity of vessels | 53,432 |
Baltic Jaguar Limited | Baltic Jaguar | |
Vessels | |
Capacity of vessels | 53,474 |
Baltic Bear Limited | Baltic Bear | |
Vessels | |
Capacity of vessels | 177,717 |
Baltic Wolf Limited | Baltic Wolf | |
Vessels | |
Capacity of vessels | 177,752 |
Baltic Wind Limited | Baltic Wind | |
Vessels | |
Capacity of vessels | 34,409 |
Baltic Cove Limited | Baltic Cove | |
Vessels | |
Capacity of vessels | 34,403 |
Baltic Breeze Limited | Baltic Breeze | |
Vessels | |
Capacity of vessels | 34,386 |
Baltic Fox Limited | Baltic Fox | |
Vessels | |
Capacity of vessels | 31,883 |
Baltic Hare Limited | Baltic Hare | |
Vessels | |
Capacity of vessels | 31,887 |
Baltic Hornet Limited | Baltic Hornet | |
Vessels | |
Capacity of vessels | 63,574 |
Baltic Wasp Limited | Baltic Wasp | |
Vessels | |
Capacity of vessels | 63,389 |
Baltic Scorpion Limited | Baltic Scorpion | |
Vessels | |
Capacity of vessels | 63,462 |
Baltic Mantis Limited | Baltic Mantis | |
Vessels | |
Capacity of vessels | 63,470 |
SUMMARY OF SIGNIFICANT ACCOUN62
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | Jul. 18, 2015segment | Jul. 17, 2015segment | Jul. 09, 2014$ / item | Dec. 31, 2015USD ($)segmentitem | Dec. 31, 2014USD ($)$ / item | Jul. 09, 2014USD ($) | Dec. 31, 2016USD ($)segmentitem$ / item | Dec. 31, 2015USD ($)item | Dec. 31, 2014item$ / item |
Segment reporting | |||||||||
Number of reportable segments | segment | 1 | 2 | 1 | 1 | |||||
Voyage expense recognition | |||||||||
Net loss (gain) on purchase and sale of bunker fuel and LCM adjustments | $ 1,616 | $ 4,920 | $ 8,927 | ||||||
Number of vessels in vessel pools | item | 19 | 20 | 19 | ||||||
Other operating income | |||||||||
Other operating income | 530 | $ 960 | $ 0 | ||||||
Deferred revenue | |||||||||
Reserve against the due from charterers | $ 429 | 283 | 429 | ||||||
Accrual related to estimated customer claims | $ 498 | $ 220 | 498 | ||||||
Number of categories of General administrative and management fees | item | 2 | ||||||||
Vessels, net | |||||||||
Estimated useful life | 25 years | ||||||||
Estimated scrap value (in dollars per lightweight ton) | $ / item | 310 | ||||||||
Estimated life of average scrap value of steel | 15 years | ||||||||
Decrease in depreciation expense | $ 1,540 | $ 2,860 | $ 3,193 | ||||||
Predecessor | |||||||||
Voyage expense recognition | |||||||||
Net loss (gain) on purchase and sale of bunker fuel and LCM adjustments | $ (252) | ||||||||
Other operating income | |||||||||
Other operating income | $ 0 | ||||||||
Vessels, net | |||||||||
Estimated scrap value (in dollars per lightweight ton) | $ / item | 245 | ||||||||
Spot Market-Related Time Charter Agreement with Profit Sharing Element | |||||||||
Voyage expense recognition | |||||||||
Number of vessels under spot market-related time charters which include a profit-sharing element | item | 6 | 0 | 2 | ||||||
Floor price (in dollars per unit) | $ / item | 9 | 3 | 9 | ||||||
Ceiling price (in dollars per unit) | $ / item | 14 | 14 | |||||||
Allocation of excess profit sharing amount (as a percent) | 50.00% | 50.00% | |||||||
Percentage of average of the daily rates of BHSI used to determine charter agreement rates (as a percent) | 115.00% | ||||||||
Clipper Logger Pool and Clipper Sapphire Pool | |||||||||
Voyage expense recognition | |||||||||
Number of vessels in vessel pools | item | 14 | 13 | 14 | ||||||
Bulkhandling Handymax A/S Pool | |||||||||
Voyage expense recognition | |||||||||
Number of vessels in vessel pools | item | 4 | 7 | 4 | ||||||
Navig8 Bulk Pool | |||||||||
Voyage expense recognition | |||||||||
Number of vessels in vessel pools | item | 1 | 1 | |||||||
Bankruptcy settlement due | Samsun | |||||||||
Other operating income | |||||||||
Other operating income | $ 530 | $ 934 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN63
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Assets (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 09, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 10, 2016USD ($) | Jun. 08, 2016USD ($)item | |
Fixed assets, net | |||||||
Depreciation and amortization | $ 36,714 | $ 76,330 | $ 79,556 | ||||
Deferred drydocking costs | |||||||
Amortization expense for drydocking | 330 | 4,113 | 2,877 | ||||
Goodwill | |||||||
Goodwill impairment | 166,067 | ||||||
Impairment of vessel assets | |||||||
Impairment of vessel assets | $ 32,536 | 0 | 69,278 | 39,893 | |||
Number of vessels scrapped | item | 9 | ||||||
(Gain) loss on disposal of vessels | |||||||
Gain (loss) on sale of vessels | $ 3,555 | (1,210) | |||||
Minimum | |||||||
Deferred drydocking costs | |||||||
Period for which vessels are required to be drydocked for major repairs and maintenance | 30 months | ||||||
Maximum | |||||||
Deferred drydocking costs | |||||||
Period for which vessels are required to be drydocked for major repairs and maintenance | 60 months | ||||||
Genco Sugar, Genco Pioneer, Genco Leader, and Genco Acheron | |||||||
(Gain) loss on disposal of vessels | |||||||
Gain (loss) on sale of vessels | $ 3,555 | ||||||
Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, Genco Wisdom | |||||||
Impairment of vessel assets | |||||||
Impairment of vessel assets | 67,594 | ||||||
Baltic Tiger and Baltic Lion | |||||||
(Gain) loss on disposal of vessels | |||||||
Gain (loss) on sale of vessels | (1,210) | ||||||
Genco Marine Limited | Genco Marine | |||||||
Impairment of vessel assets | |||||||
Impairment of vessel assets | 1,684 | 4,497 | |||||
Baltic Trading | Baltic Tiger and Baltic Lion | |||||||
Impairment of vessel assets | |||||||
Impairment of vessel assets | 35,396 | ||||||
Detail of Fixed Assets, Excluding Vessels | |||||||
Fixed assets, net | |||||||
Depreciation and amortization | 119 | 388 | 284 | ||||
Vessels | |||||||
Fixed assets, net | |||||||
Depreciation and amortization | $ 36,265 | $ 71,829 | $ 76,395 | ||||
Furniture and Fixtures | |||||||
Fixed assets, net | |||||||
Useful lives | 5 years | ||||||
Vessel Equipment | Minimum | |||||||
Fixed assets, net | |||||||
Useful lives | 2 years | ||||||
Vessel Equipment | Maximum | |||||||
Fixed assets, net | |||||||
Useful lives | 15 years | ||||||
Computer equipment | |||||||
Fixed assets, net | |||||||
Useful lives | 3 years | ||||||
Predecessor | |||||||
Fixed assets, net | |||||||
Depreciation and amortization | $ 75,952 | ||||||
Deferred drydocking costs | |||||||
Amortization expense for drydocking | 3,738 | ||||||
Goodwill | |||||||
Goodwill | 166,067 | ||||||
Impairment of vessel assets | |||||||
Impairment of vessel assets | 0 | ||||||
Predecessor | Detail of Fixed Assets, Excluding Vessels | |||||||
Fixed assets, net | |||||||
Depreciation and amortization | 458 | ||||||
Predecessor | Vessels | |||||||
Fixed assets, net | |||||||
Depreciation and amortization | $ 71,756 | ||||||
Secured Debt | $400 Million Credit Facility | |||||||
Impairment of vessel assets | |||||||
Maximum borrowing capacity | $ 400,000 | $ 400,000 | $ 400,000 |
SUMMARY OF SIGNIFICANT ACCOUN64
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Taxes (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 16, 2015 | |
Income Taxes | |||||
Ownership percentage held by each shareholder (as a percent) | 5.00% | ||||
Federal tax rate (as a percent) | 4.00% | ||||
Total revenue earned | $ 1,584 | $ 2,340 | $ 3,175 | ||
Taxable income | (212,362) | (217,048) | (252,547) | ||
Income tax expense | 996 | $ 709 | 1,821 | ||
Minimum | |||||
Income Taxes | |||||
Percentage of value of outstanding shares owned by the qualified shareholders | 50.00% | ||||
Maximum | |||||
Income Taxes | |||||
Combined ownership held by 5% shareholders (as a percent) | 50.00% | ||||
Percentage of shipping income attributable to transportation that begins or ends in the United States included in United States source shipping income (in hundredths) | 50.00% | ||||
Federal tax rate (as a percent) | 35.00% | ||||
Vessel Management Services | |||||
Income Taxes | |||||
Total revenue earned | 3,893 | $ 2,340 | 6,410 | ||
Taxable income | 2,178 | 1,502 | 3,880 | ||
Income tax expense | 978 | 709 | 1,753 | ||
Vessel Management Services | Intersegment Elimination | |||||
Income Taxes | |||||
Total revenue earned | (2,309) | $ 0 | (3,235) | ||
Predecessor | |||||
Income Taxes | |||||
Total revenue earned | $ 1,701 | ||||
Taxable income | (1,012,435) | ||||
Income tax expense | 815 | ||||
Predecessor | Vessel Management Services | |||||
Income Taxes | |||||
Total revenue earned | 3,857 | ||||
Taxable income | 1,723 | ||||
Income tax expense | 776 | ||||
Predecessor | Vessel Management Services | Intersegment Elimination | |||||
Income Taxes | |||||
Total revenue earned | (2,156) | ||||
Baltic Trading | United States | |||||
Income Taxes | |||||
Taxable income | 450 | 1,706 | |||
Income tax expense | $ 18 | $ 68 | |||
Baltic Trading | Predecessor | Minimum | |||||
Income Taxes | |||||
Aggregate voting power held (as a percent) | 50.00% | ||||
Baltic Trading | Predecessor | United States | |||||
Income Taxes | |||||
Taxable income | 965 | ||||
Income tax expense | $ 39 |
SUMMARY OF SIGNIFICANT ACCOUN65
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($)customer | Jul. 09, 2014USD ($)customer | Dec. 31, 2016USD ($)customeritem | Dec. 31, 2015USD ($)customeritem | |
Concentration Risk | ||||
Total revenue earned | $ | $ 1,584 | $ 2,340 | $ 3,175 | |
Number of financial institutions with which the entity maintains its cash and cash equivalents | item | 4 | 3 | ||
Voyage Revenues | Customer Concentration Risk | ||||
Concentration Risk | ||||
Percentage of revenue earned (as a percent) | 100.00% | |||
Number of customers | 44 | 52 | 52 | |
Major Customers | 2 | 3 | 3 | |
Concentration risk percentage (as a percent) | 10.00% | 10.00% | 10.00% | |
Voyage Revenues | Customer Concentration Risk | Cargill International S.A. | ||||
Concentration Risk | ||||
Concentration risk percentage (as a percent) | 17.06% | |||
Voyage Revenues | Customer Concentration Risk | Swissmarine Services S.A. | ||||
Concentration Risk | ||||
Concentration risk percentage (as a percent) | 22.52% | 25.31% | 24.37% | |
Voyage Revenues | Customer Concentration Risk | Clipper Group | ||||
Concentration Risk | ||||
Concentration risk percentage (as a percent) | 22.96% | 19.09% | ||
Voyage Revenues | Customer Concentration Risk | Pioneer Navigation Ltd | ||||
Concentration Risk | ||||
Concentration risk percentage (as a percent) | 11.11% | 13.03% | ||
Predecessor | ||||
Concentration Risk | ||||
Total revenue earned | $ | $ 1,701 | |||
Predecessor | Voyage Revenues | Customer Concentration Risk | ||||
Concentration Risk | ||||
Percentage of revenue earned (as a percent) | 100.00% | |||
Number of customers | 33 | |||
Major Customers | 2 | |||
Concentration risk percentage (as a percent) | 10.00% | |||
Predecessor | Voyage Revenues | Customer Concentration Risk | Cargill International S.A. | ||||
Concentration Risk | ||||
Concentration risk percentage (as a percent) | 19.37% | |||
Predecessor | Voyage Revenues | Customer Concentration Risk | Swissmarine Services S.A. | ||||
Concentration Risk | ||||
Concentration risk percentage (as a percent) | 20.67% |
CASH FLOW INFORMATION (Details)
CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-cash investing and financing activities | ||||
Professional fees and trustee fees recognized in Reorganization items before fresh-start adjustments, net | $ 1,591 | $ 272 | $ 1,085 | |
Cash paid for professional fees and trustee fees for Reorganization items | 32,794 | 294 | 1,351 | |
Reclassification from vessels to vessels held for sale | 4,840 | |||
Reclassification from deposits on vessels to vessels, net of accumulated depreciation | 9,140 | 0 | 25,593 | |
Cash paid for interest | 5,483 | 25,619 | 16,548 | |
Cash paid for estimated income taxes | 750 | 703 | 2,085 | |
Predecessor | ||||
Non-cash investing and financing activities | ||||
Professional fees and trustee fees recognized in Reorganization items before fresh-start adjustments, net | $ 35,232 | |||
Cash paid for professional fees and trustee fees for Reorganization items | 2,703 | |||
Reclassification from deposits on vessels to vessels, net of accumulated depreciation | 0 | |||
Reclassification of fixed assets to vessel assets | 984 | |||
Cash paid for interest | 40,209 | |||
Cash paid for estimated income taxes | 1,495 | |||
Accounts payable and accrued expenses | ||||
Non-cash investing and financing activities | ||||
Non-cash investing activities purchase of vessels, including deposits | 464 | 35 | 236 | |
Non-cash investing activities purchase of other fixed assets | 22 | 20 | 121 | |
Net proceeds from sale of vessels | 27 | |||
Payment of Series A Preferred Stock issuance costs | 1,103 | |||
Non-cash financing activities deferred financing fees | 2,190 | |||
Reorganization professional and trustee fees incurred | 313 | $ 25 | 48 | |
Non-cash financing activities settlement of non-accredited Note holders | 101 | |||
Accounts payable and accrued expenses | Predecessor | ||||
Non-cash investing and financing activities | ||||
Non-cash investing activities purchase of vessels, including deposits | 53 | |||
Non-cash investing activities purchase of other fixed assets | 20 | |||
Non-cash financing activities deferred financing fees | 456 | |||
Reorganization professional and trustee fees incurred | $ 32,529 | |||
Prepaid expenses and other current assets | ||||
Non-cash investing and financing activities | ||||
Non-cash investing activities purchase of vessels including deposits included in prepaid expense and other current assets | $ 7 | (14) | ||
Non-cash sale of AFS Securities | $ 148 |
CASH FLOW INFORMATION - Stock-B
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - USD ($) $ in Thousands | May 18, 2016 | Feb. 17, 2016 | Jul. 29, 2015 | Jul. 17, 2015 | Jul. 13, 2015 | Dec. 18, 2014 | Aug. 07, 2014 | Apr. 09, 2014 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
2015 EIP Plan | Peter C. Georgiopoulos | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 408,163 | ||||||||||||
Shares granted, post reverse stock split (in shares) | 40,816 | ||||||||||||
2015 EIP Plan | John C. Wobensmith | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 204,081 | ||||||||||||
Shares granted, post reverse stock split (in shares) | 20,408 | ||||||||||||
2015 EIP Plan | Executive Officers | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Aggregate fair value | $ 318 | ||||||||||||
2015 EIP Plan | Restricted Stock Units | Board of Directors | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 666,664 | 58,215 | 16,188 | 66,666 | 7,440 | ||||||||
Shares granted, post reverse stock split (in shares) | 66,666 | 5,821 | 1,619 | ||||||||||
Aggregate fair value | $ 340 | $ 416 | $ 113 | ||||||||||
Vested (in shares) | 3,493 | 2,328 | 1,619 | 0 | 5,821 | 1,619 | |||||||
2014 MIP Plan | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 111,060 | ||||||||||||
Vested (in shares) | 64,785 | 37,020 | |||||||||||
2014 MIP Plan | Participating Officers, Directors And Other Management | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 1,110,600 | ||||||||||||
Shares granted, post reverse stock split (in shares) | 111,060 | ||||||||||||
Aggregate fair value | $ 22,212 | ||||||||||||
2014 MIP Plan | Warrants | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 8,557,461 | ||||||||||||
2014 MIP Plan | Warrants | Participating Officers, Directors And Other Management | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 8,557,461 | ||||||||||||
Aggregate fair value | $ 54,436 | ||||||||||||
Baltic Trading Plan | Baltic Trading | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 1,086,345 | ||||||||||||
Vested (in shares) | 1,941,844 | 1,941,844 | 525,930 | ||||||||||
Baltic Trading Plan | Peter C. Georgiopoulos | Baltic Trading | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 700,000 | ||||||||||||
Baltic Trading Plan | Executive Officers | Baltic Trading | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Aggregate fair value | $ 2,615 | ||||||||||||
Baltic Trading Plan | John Wobensmith, Chief Financial officer | Baltic Trading | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 350,000 | ||||||||||||
Baltic Trading Plan | Predecessor | Board of Directors | Baltic Trading | |||||||||||||
Non-cash investing and financing activities | |||||||||||||
Granted (in shares) | 36,345 | ||||||||||||
Aggregate fair value | $ 225 |
GOODWILL IMPAIRMENT (Details)
GOODWILL IMPAIRMENT (Details) $ in Thousands | Jul. 09, 2014USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2016 |
Goodwill | |||
Period of industry average charter rates for each vessel class | 10 years | ||
Goodwill, Impairment Loss | $ 166,067 | ||
Percentage of fair value assets used method | 75.00% | ||
Percentage of public trading price method | 25.00% | ||
Percentage of discounted cash flow method | 0.00% | ||
Predecessor | |||
Goodwill | |||
Number of Reporting Units | item | 2 | ||
Goodwill | $ 166,067 |
VESSEL ACQUISITIONS AND DISPO69
VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands | Dec. 12, 2016USD ($) | Nov. 04, 2016USD ($) | Oct. 26, 2016USD ($) | Oct. 21, 2016USD ($) | Oct. 20, 2016USD ($) | May 17, 2016USD ($) | May 06, 2016USD ($) | Dec. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Jul. 09, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 14, 2015USD ($) | Jan. 01, 2014USD ($) | Nov. 13, 2013USD ($)item | Aug. 12, 2010USD ($)item |
VESSEL ACQUISITIONS | ||||||||||||||||
Amortization of time charters acquired | $ (450) | |||||||||||||||
Time charters acquired | $ 0 | $ 0 | ||||||||||||||
Net proceeds from sale of vessel assets | 13,024 | |||||||||||||||
Genco Bourgogne, Genco Muse, and Genco Spirit | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Amortization of time charters acquired | (450) | 0 | 0 | |||||||||||||
Time charters acquired | $ 450 | |||||||||||||||
Genco Marine | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Sale of assets | $ 2,187 | |||||||||||||||
Broker commission (as a percent) | 2.00% | |||||||||||||||
Loss on sale of vessels | $ 77 | |||||||||||||||
Net proceeds from sale of vessel assets | $ 1,923 | |||||||||||||||
Baltic Trading | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Capitalized interest associated with new building contracts | 400 | 0 | 372 | |||||||||||||
Baltic Trading | Baltic Wasp | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Final payment for vessel | $ 19,645 | |||||||||||||||
Predecessor | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Amortization of time charters acquired | 68 | |||||||||||||||
Predecessor | Baltic Trading | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Capitalized interest associated with new building contracts | 295 | |||||||||||||||
Predecessor | Yangfan Group Co., LTD | Agreement to Purchase Ultramax Drybulk Vessels | Baltic Trading | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Purchase price per vessel | $ 28,000 | |||||||||||||||
Capacity of vessels | item | 64,000 | |||||||||||||||
Number of vessels purchased | item | 2 | |||||||||||||||
Predecessor | Yangfan Group Co., LTD | Agreement to Purchase Ultramax Drybulk Vessels | Baltic Trading | Maximum | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Number of vessels committed to be acquired under purchase agreement | item | 4 | |||||||||||||||
Aggregate purchase price for vessels | $ 112,000 | |||||||||||||||
Number of vessels purchased under option to be acquired per purchase agreement | item | 2 | |||||||||||||||
Line of Credit Facility | $148 Million Credit Facility | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Face amount of term loan facility | 148,000 | 148,000 | 148,000 | $ 148,000 | ||||||||||||
Secured Debt | $100 Million Term Loan Facility | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Face amount of term loan facility | 100,000 | 100,000 | ||||||||||||||
Repayments of Secured Debt | $ 3,846 | $ 60,099 | $ 7,692 | |||||||||||||
Secured Debt | Predecessor | $100 Million Term Loan Facility | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Number of vessels purchased | item | 5 | |||||||||||||||
Face amount of term loan facility | $ 100,000 | $ 100,000 | ||||||||||||||
Repayments of Secured Debt | $ 3,846 | |||||||||||||||
Genco Acheron | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Sale of assets | $ 3,480 | |||||||||||||||
Broker commission (as a percent) | 5.50% | |||||||||||||||
Genco Pioneer | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Sale of assets | $ 2,650 | |||||||||||||||
Broker commission (as a percent) | 5.50% | |||||||||||||||
Genco Pioneer | Line of Credit Facility | $148 Million Credit Facility | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Repayments of Secured Debt | $ 2,504 | |||||||||||||||
Genco Sugar | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Sale of assets | $ 2,450 | |||||||||||||||
Broker commission (as a percent) | 5.50% | |||||||||||||||
Genco Sugar | Secured Debt | $100 Million Term Loan Facility | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Repayments of Secured Debt | $ 2,315 | |||||||||||||||
Genco Leader | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Sale of assets | $ 3,470 | |||||||||||||||
Broker commission (as a percent) | 3.00% | |||||||||||||||
Genco Leader | Line of Credit Facility | $148 Million Credit Facility | ||||||||||||||||
VESSEL ACQUISITIONS | ||||||||||||||||
Repayments of Secured Debt | $ 3,366 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments | ||||
Fair value of investment in capital stock | $ 12,327 | |||
Impairment of investment | $ 0 | $ 2,696 | $ 37,877 | |
Predecessor | ||||
Schedule of Investments | ||||
Impairment of investment | $ 0 | |||
Jinhui Shipping and Transportation Limited | ||||
Schedule of Investments | ||||
Investment in the capital stock (in shares) | 0 | 15,706,825 | ||
Fair value of investment in capital stock | $ 0 | $ 12,273 | ||
Korea Line Corporation | ||||
Schedule of Investments | ||||
Investment in the capital stock (in shares) | 0 | 3,355 | ||
Fair value of investment in capital stock | $ 0 | $ 54 |
NET LOSS PER COMMON SHARE (Deta
NET LOSS PER COMMON SHARE (Details) $ in Thousands | Jul. 07, 2016 | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($)shares | Jun. 30, 2016USD ($)shares | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($)shares | Jun. 30, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Jul. 09, 2014USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares |
Nonvested shares outstanding | 89,526 | 89,526 | |||||||||||
Anti-dilutive shares (in shares) | 89,526 | ||||||||||||
Reverse stock split | 0.1 | ||||||||||||
Common shares outstanding, basic: | |||||||||||||
Weighted average common shares outstanding, basic (in shares) | 7,318,452 | 7,245,268 | 7,221,735 | 7,218,795 | 7,217,404 | 6,982,434 | 6,048,719 | 6,043,078 | 6,036,051 | 7,251,231 | 6,583,163 | ||
Common shares outstanding, diluted: | |||||||||||||
Weighted average common shares outstanding, basic (in shares) | 7,318,452 | 7,245,268 | 7,221,735 | 7,218,795 | 7,217,404 | 6,982,434 | 6,048,719 | 6,043,078 | 6,036,051 | 7,251,231 | 6,583,163 | ||
Weighted-average common shares outstanding, diluted (in shares) | 7,318,452 | 7,245,268 | 7,221,735 | 7,218,795 | 7,217,404 | 6,982,434 | 6,048,719 | 6,043,078 | 6,036,051 | 7,251,231 | 6,583,163 | ||
Reconciliation of the net loss attributable to GS&T and the net loss attributable to GS&T for diluted net loss per share | |||||||||||||
Net loss attributable to Genco Shipping& Trading Limited | $ | $ (25,104) | $ (27,514) | $ (110,653) | $ (54,483) | $ (49,498) | $ (66,625) | $ (40,332) | $ (38,442) | $ (182,294) | $ (217,757) | $ (194,897) | ||
Net loss attributable to GS&T for the computation of diluted net loss per share | $ | $ (182,294) | $ (217,757) | $ (194,897) | ||||||||||
Warrants | |||||||||||||
Anti-dilutive shares (in shares) | 713,122 | ||||||||||||
New Genco Equity Warrants | |||||||||||||
Anti-dilutive shares (in shares) | 3,936,761 | ||||||||||||
Series A Preferred Stock | |||||||||||||
Anti-dilutive shares (in shares) | 27,061,856 | ||||||||||||
Preferred stock outstanding (in shares) | 27,061,856 | 27,061,856 | |||||||||||
Predecessor | |||||||||||||
Common shares outstanding, basic: | |||||||||||||
Weighted average common shares outstanding, basic (in shares) | 43,568,942 | ||||||||||||
Common shares outstanding, diluted: | |||||||||||||
Weighted average common shares outstanding, basic (in shares) | 43,568,942 | ||||||||||||
Weighted-average common shares outstanding, diluted (in shares) | 43,568,942 | ||||||||||||
Reconciliation of the net loss attributable to GS&T and the net loss attributable to GS&T for diluted net loss per share | |||||||||||||
Net loss attributable to Genco Shipping& Trading Limited | $ | $ (951,149) | ||||||||||||
Net loss attributable to GS&T for the computation of diluted net loss per share | $ | $ (951,149) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction | ||||
Service revenues | $ 1,584 | $ 2,340 | $ 3,175 | |
Gener8 Maritime | ||||
Related Party Transaction | ||||
Amount invoiced for services performed and expenses paid | 12 | 0 | 0 | |
Expenses incurred from transactions with related party | 53 | 73 | 111 | |
Amount due to the related party | 0 | 8 | ||
Constantine Georgiopoulos | ||||
Related Party Transaction | ||||
Expenses incurred from transactions with related party | 11 | 0 | 18 | |
Amount due to the related party | 10 | 11 | ||
Aegean Marine Petroleum Network, Inc. | ||||
Related Party Transaction | ||||
Amount due to the related party | 0 | 219 | ||
Aegean Marine Petroleum Network, Inc. | Lubricating Oil Purchases | ||||
Related Party Transaction | ||||
Expenses incurred from transactions with related party | 790 | 1,188 | 1,725 | |
MEP | ||||
Related Party Transaction | ||||
Amount invoiced for services performed and expenses paid | 1,618 | 2,325 | 3,233 | |
Amount due to the entity from a related party | 0 | 603 | ||
Service revenues | $ 1,584 | $ 2,340 | $ 3,175 | |
Predecessor | ||||
Related Party Transaction | ||||
Service revenues | $ 1,701 | |||
Predecessor | Gener8 Maritime | ||||
Related Party Transaction | ||||
Amount invoiced for services performed and expenses paid | 72 | |||
Expenses incurred from transactions with related party | 49 | |||
Predecessor | Constantine Georgiopoulos | ||||
Related Party Transaction | ||||
Expenses incurred from transactions with related party | 3 | |||
Predecessor | Aegean Marine Petroleum Network, Inc. | Lubricating Oil Purchases | ||||
Related Party Transaction | ||||
Expenses incurred from transactions with related party | 1,087 | |||
Predecessor | MEP | ||||
Related Party Transaction | ||||
Amount invoiced for services performed and expenses paid | 1,743 | |||
Service revenues | $ 1,701 |
DEBT - Table Information (Detai
DEBT - Table Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Nov. 15, 2016 | Nov. 10, 2016 | Jun. 08, 2016 | Dec. 31, 2015 | Nov. 04, 2015 | Jul. 14, 2015 | Apr. 07, 2015 | Dec. 31, 2014 |
Line of Credit Facility | |||||||||
Principal amount | $ 523,577 | $ 588,434 | |||||||
Principal amount | 524,377 | 588,434 | |||||||
PIK interest | 800 | ||||||||
Less: Unamortized debt issuance costs | (11,357) | (9,411) | |||||||
Less: Current portion | (4,576) | (579,023) | |||||||
Long-term debt, noncurrent | 508,444 | ||||||||
Secured Debt | $400 Million Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 400,000 | ||||||||
PIK interest | 800 | $ 800 | |||||||
Less: Unamortized debt issuance costs | (7,967) | ||||||||
Maximum borrowing capacity | 400,000 | $ 400,000 | $ 400,000 | ||||||
Secured Debt | $100 Million Term Loan Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 60,100 | ||||||||
Less: Unamortized debt issuance costs | (1,201) | ||||||||
Maximum borrowing capacity | 100,000 | 100,000 | |||||||
Secured Debt | $253 Million Term Loan Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 145,268 | ||||||||
Less: Unamortized debt issuance costs | (2,528) | ||||||||
Maximum borrowing capacity | 253,000 | 253,000 | |||||||
Secured Debt | $44 Million Term Loan Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 38,500 | ||||||||
Less: Unamortized debt issuance costs | (584) | ||||||||
Maximum borrowing capacity | 44,000 | ||||||||
Secured Debt | $22 Million Term Loan Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 18,625 | ||||||||
Less: Unamortized debt issuance costs | (376) | ||||||||
Maximum borrowing capacity | 22,000 | $ 22,000 | |||||||
Secured Debt | 2014 Term Loan Facilities | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 28,306 | 31,069 | |||||||
Less: Unamortized debt issuance costs | (1,522) | (1,715) | |||||||
Line of Credit Facility | $98 Million Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 95,271 | 98,271 | |||||||
Less: Unamortized debt issuance costs | (1,868) | (2,368) | |||||||
Maximum borrowing capacity | 98,000 | $ 98,000 | $ 98,000 | ||||||
Line of Credit Facility | $148 Million Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | 140,383 | ||||||||
Less: Unamortized debt issuance costs | (639) | ||||||||
Maximum borrowing capacity | $ 148,000 | 148,000 | $ 148,000 | $ 148,000 | |||||
Revolving Credit Facility | 2015 Revolving Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Principal amount | $ 56,218 | ||||||||
Maximum borrowing capacity | $ 59,500 |
DEBT - ASU 2015-03 (Details)
DEBT - ASU 2015-03 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility | ||
Long-term debt, current | $ (4,576) | $ (579,023) |
Long-term debt, noncurrent | (508,444) | |
Deferred financing costs, net | (11,357) | (9,411) |
Adoption Of ASU 2015-03 | ||
Line of Credit Facility | ||
Long-term debt, current | 9,411 | |
Long-term debt, noncurrent | 11,357 | |
Deferred financing costs, net | $ 11,357 | $ 9,411 |
DEBT - Commitment Letter (Detai
DEBT - Commitment Letter (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 15, 2016 | Jun. 08, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 27, 2016 | Oct. 06, 2016 |
Line of Credit Facility | |||||||
Equity Financing | $ 125,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Issuance of stock (in shares) | 13,102 | 1,128,713 | |||||
Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Issuance of stock (in shares) | 27,061,856 | ||||||
Series A Preferred Stock | John C. Wobensmith | |||||||
Line of Credit Facility | |||||||
Purchase price (in dollars per share) | $ 4.85 | ||||||
Series A Preferred Stock | Other Investors, including John C. Wobensmith | |||||||
Line of Credit Facility | |||||||
Commitment to purchase convertible preferred stock | $ 38,600 | ||||||
Series A Preferred Stock | Private placement | |||||||
Line of Credit Facility | |||||||
Purchase price (in dollars per share) | $ 4.85 | ||||||
Issuance of stock (in shares) | 27,061,856 | ||||||
Issuance of stock excluding services (in shares) | 25,773,196 | ||||||
Additional shares issued as commitment fee (in shares) | 1,288,660 | ||||||
Second Amended Commitment Letter | |||||||
Line of Credit Facility | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||
Second Amended Commitment Letter | Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Purchase price (in dollars per share) | $ 4.85 | ||||||
Commitment of shares to be purchased | 1,288,660 | ||||||
Commitment Letter | |||||||
Line of Credit Facility | |||||||
Maximum borrowing capacity | 400,000 | ||||||
Minimum | Amended Commitment Letter | |||||||
Line of Credit Facility | |||||||
Minimum cash requirement through the end of the waiver period | $ 25,000 | ||||||
Minimum | Commitment Letter | |||||||
Line of Credit Facility | |||||||
Equity Financing | 125,000 | ||||||
Maximum | Second Amended Commitment Letter | |||||||
Line of Credit Facility | |||||||
Maximum cash withdrawal under covenant | 10,000 | ||||||
Reduction of cash under covenants (per vessel) | 250 | ||||||
Maximum | Second Amended Commitment Letter | Series A Preferred Stock | Private placement | |||||||
Line of Credit Facility | |||||||
Equity Financing | $ 125,000 | ||||||
Centerbridge Partners L.P | Firm Commitment | Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Commitment of shares to be purchased | 6,597,938 | ||||||
Commitment to purchase convertible preferred stock | $ 32,000 | ||||||
Centerbridge Partners L.P | Backstop Commitment | Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Commitment of shares to be purchased | 3,402,062 | ||||||
Centerbridge Partners L.P | Commitment Letter | |||||||
Line of Credit Facility | |||||||
Equity financing to be provided by each equity commitment | 31,200 | ||||||
Strategic Value Partners LLC | Firm Commitment | Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Commitment of shares to be purchased | 7,628,866 | ||||||
Commitment to purchase convertible preferred stock | $ 37,000 | ||||||
Strategic Value Partners LLC | Backstop Commitment | Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Commitment of shares to be purchased | 2,371,134 | ||||||
Strategic Value Partners LLC | Commitment Letter | |||||||
Line of Credit Facility | |||||||
Equity financing to be provided by each equity commitment | 17,300 | ||||||
Apollo Global Management LLC | Firm Commitment | Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Commitment of shares to be purchased | 3,587,629 | ||||||
Commitment to purchase convertible preferred stock | $ 17,400 | ||||||
Apollo Global Management LLC | Backstop Commitment | Series A Preferred Stock | |||||||
Line of Credit Facility | |||||||
Commitment of shares to be purchased | 2,185,568 | ||||||
Apollo Global Management LLC | Commitment Letter | |||||||
Line of Credit Facility | |||||||
Equity financing to be provided by each equity commitment | $ 14,000 |
DEBT - $400 Million Credit Faci
DEBT - $400 Million Credit Facility (Details) | Nov. 14, 2016USD ($) | Nov. 10, 2016USD ($)item | Dec. 31, 2016USD ($) | Jun. 08, 2016USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||
PIK interest | $ 800,000 | ||||
Restricted cash non-current | 27,426,000 | $ 315,000 | |||
Secured Debt | $400 Million Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 400,000,000 | 400,000,000 | $ 400,000,000 | ||
Proceeds from Issuance of Secured Debt | $ 400,000,000 | 400,000,000 | |||
Number of vessels mortgaged | item | 45 | ||||
Number of remaining vessels to be sold | item | 5 | ||||
Number of vessels contracted to be sold | 3 | ||||
Remaining borrowing capacity | 0 | ||||
Total outstanding including PIK interest | 392,833,000 | 0 | |||
PIK interest (as a percent) | 1.50% | ||||
PIK interest | $ 800,000 | 800,000 | |||
Prepayment under cash sweep required | 0 | ||||
Restricted cash non-current | 11,180,000 | $ 0 | |||
Repayment of the outstanding debt | |||||
2,017 | 400,000 | ||||
2,018 | 400,000 | ||||
2,019 | 30,440,000 | ||||
2,020 | 30,440,000 | ||||
2,021 | 339,120,000 | ||||
Total debt | 400,800,000 | ||||
Secured Debt | $400 Million Credit Facility | Through December 31, 2018 | |||||
Line of Credit Facility [Line Items] | |||||
Amortization payments per quarter | 100,000 | ||||
Minimum cash balance required per vessel owned | $ 250,000 | ||||
Cash flow sweep (as a percent) | 100.00% | ||||
Secured Debt | $400 Million Credit Facility | From March 31, 2019 through December 31, 2020 | |||||
Line of Credit Facility [Line Items] | |||||
Amortization payments per quarter | $ 7,610,000 | ||||
Secured Debt | $400 Million Credit Facility | From March 31, 2021 through September 30, 2021 | |||||
Line of Credit Facility [Line Items] | |||||
Amortization payments per quarter | 18,571,000 | ||||
Secured Debt | $400 Million Credit Facility | Period Upon Final Maturity On November 15 2021 | |||||
Line of Credit Facility [Line Items] | |||||
Amortization payments per quarter | $ 282,605,000 | ||||
Secured Debt | $400 Million Credit Facility | From June 30, 2018 to December 30, 2018 | |||||
Line of Credit Facility [Line Items] | |||||
Collateral security maintenance test (as a percent) | 105.00% | ||||
Secured Debt | $400 Million Credit Facility | From December 31, 2018 to December 30, 2020 | |||||
Line of Credit Facility [Line Items] | |||||
Collateral security maintenance test (as a percent) | 115.00% | ||||
Vessel age repayment period | 15 years | ||||
Cash flow sweep (as a percent) | 75.00% | ||||
Cash flow sweep option one (as a percent) | $ 50 | ||||
Threshold initial aggregate prepayments limit for prepayment under cash sweep | $ 10,000,000 | ||||
Secured Debt | $400 Million Credit Facility | After December 30, 2020 | |||||
Line of Credit Facility [Line Items] | |||||
Collateral security maintenance test (as a percent) | 135.00% | ||||
Secured Debt | $400 Million Credit Facility | From January 1, 2019 To December 31, 2019 | |||||
Line of Credit Facility [Line Items] | |||||
Minimum cash balance required per vessel owned | $ 400,000 | ||||
Secured Debt | $400 Million Credit Facility | After January 1, 2020 | |||||
Line of Credit Facility [Line Items] | |||||
Minimum cash balance required per vessel owned | $ 700,000 | ||||
Secured Debt | $400 Million Credit Facility | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Applicable margin over reference rate (as a percent) | 3.75% | ||||
Secured Debt | Minimum | $400 Million Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Minimum working capital required | $ 0 | ||||
Secured Debt | Maximum | $400 Million Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum total indebtedness to total capitalization | 0.70% |
DEBT - $98M Credit Facility (De
DEBT - $98M Credit Facility (Details) $ in Thousands | Nov. 10, 2015USD ($) | Nov. 04, 2015USD ($)subsidiaryitem | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Nov. 15, 2016USD ($) | Jun. 29, 2016USD ($) | Jun. 28, 2016 |
Line of Credit Facility | |||||||
Restricted cash, current | $ 19,500 | $ 8,242 | |||||
Restricted cash non-current | 315 | 27,426 | |||||
Repayment of the outstanding debt | |||||||
Total debt | 588,434 | 524,377 | |||||
$98 Million Credit Facility Commitment Letter | |||||||
Line of Credit Facility | |||||||
Collateral security maintenance test (as a percent) | 120.00% | 140.00% | |||||
$98 Million Credit Facility Commitment Letter | Minimum | |||||||
Line of Credit Facility | |||||||
Minimum cash requirement through the end of the waiver period | $ 25,000 | ||||||
Line of Credit Facility | $98 Million Credit Facility | |||||||
Line of Credit Facility | |||||||
Maximum borrowing capacity | $ 98,000 | 98,000 | $ 98,000 | ||||
Drawdowns during the period | $ 98,271 | 98,271 | |||||
Remaining borrowing capacity | 0 | ||||||
Long-term Debt | 95,903 | 93,403 | |||||
Collateral security maintenance test (as a percent) | 140.00% | ||||||
Minimum cash required to be maintained by each collateralized vessel | $ 750 | ||||||
Fixed amortization payment for the first two years | $ 0 | ||||||
Number of wholly owned subsidiaries | subsidiary | 13 | ||||||
Period without fixed amortization schedule | 2 years | ||||||
Amount of periodic payment | $ 2,500 | ||||||
Maximum collateral required for prepayment of loan (as a percent) | 182.00% | ||||||
Number of collateral vessels | item | 13 | ||||||
Restricted cash, current | 9,750 | 8,242 | |||||
Restricted cash non-current | 0 | 15,931 | |||||
Repayment of the outstanding debt | |||||||
2,017 | 1,413 | ||||||
2,018 | 10,000 | ||||||
2,019 | 10,000 | ||||||
2,020 | 73,858 | ||||||
Total debt | $ 98,271 | $ 95,271 | |||||
Line of Credit Facility | $98 Million Credit Facility | LIBOR | |||||||
Line of Credit Facility | |||||||
Reference rate for interest payable | three-month LIBOR | ||||||
Applicable margin over reference rate (as a percent) | 6.125% | ||||||
Line of Credit Facility | $98 Million Credit Facility | Minimum | |||||||
Line of Credit Facility | |||||||
Loan repayment requirement to have the ability to pay dividends after December 31, 2018 | $ 25,000 |
DEBT - 2014 Term Loan (Details)
DEBT - 2014 Term Loan (Details) $ in Thousands | Dec. 30, 2014USD ($) | Oct. 24, 2014USD ($) | Oct. 08, 2014USD ($)installment | Dec. 31, 2016USD ($) | Nov. 15, 2016 | Dec. 31, 2015USD ($) |
Repayment of the outstanding debt | ||||||
Total debt | $ 524,377 | $ 588,434 | ||||
Secured Debt | 2014 Term Loan Facilities | ||||||
Line of Credit Facility | ||||||
Maximum facility amount of delivered cost per vessel (as a percent) | 60.00% | |||||
Maximum facility amount of delivered cost per vessel | $ 16,800 | |||||
Maximum facility amount of fair market value per vessel at delivery (as a percent) | 60.00% | |||||
Percentage of outstanding principal plus interest insured | 95.00% | |||||
Number of semi-annual installments in which the credit facility is to be repaid | installment | 20 | |||||
Amount due per installment (as a percent) | 4.16% | |||||
Balloon payment of facility amount due at maturity (as a percent) | 16.67% | |||||
Minimum cash required to be maintained by each collateralized vessel | 750 | |||||
Remaining borrowing capacity | 0 | |||||
Term of facilities | 10 years | |||||
Long-term debt | 26,784 | $ 29,354 | ||||
Repayment of the outstanding debt | ||||||
2,017 | 2,763 | |||||
2,018 | 2,763 | |||||
2,019 | 2,763 | |||||
2,020 | 2,763 | |||||
2,021 | 2,763 | |||||
Thereafter | 14,491 | |||||
Total debt | $ 28,306 | |||||
Secured Debt | 2014 Term Loan Facilities | LIBOR | ||||||
Line of Credit Facility | ||||||
Reference rate for interest payable | three or six-month LIBOR | |||||
Applicable margin over reference rate (as a percent) | 2.50% | |||||
Secured Debt | 2014 Term Loan Facilities | Baltic Hornet | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 16,800 | |||||
Period after latest vessel delivery date for first periodic repayment | 6 months | |||||
Drawdowns during the period | $ 16,800 | |||||
Secured Debt | 2014 Term Loan Facilities | Baltic Wasp | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 16,800 | |||||
Period after latest vessel delivery date for first periodic repayment | 6 months | |||||
Drawdowns during the period | $ 16,350 | |||||
From December 31, 2017 To June 29, 2018 | Secured Debt | 2014 Term Loan Facilities | ||||||
Line of Credit Facility | ||||||
Collateral security maintenance test (as a percent) | 100.00% | |||||
From June 30, 2018 to December 30, 2018 | Secured Debt | 2014 Term Loan Facilities | ||||||
Line of Credit Facility | ||||||
Collateral security maintenance test (as a percent) | 105.00% | |||||
From December 31, 2018 To December 30, 2019 | Secured Debt | 2014 Term Loan Facilities | ||||||
Line of Credit Facility | ||||||
Collateral security maintenance test (as a percent) | 115.00% | |||||
From December 31, 2019 To End Date of Facilities | Secured Debt | 2014 Term Loan Facilities | ||||||
Line of Credit Facility | ||||||
Collateral security maintenance test (as a percent) | 135.00% |
DEBT - Amendment and Consent Ag
DEBT - Amendment and Consent Agreements (Details) $ in Thousands | Jul. 14, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 09, 2014facility | Apr. 01, 2014 | Aug. 30, 2013USD ($) | Aug. 01, 2012USD ($)facility | Feb. 28, 2012shares | Dec. 21, 2011USD ($)facility | Aug. 12, 2010USD ($) | Aug. 31, 2012USD ($)facility | Dec. 31, 2014USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Jul. 01, 2016 | Jun. 30, 2016 | Aug. 03, 2015 | Jan. 01, 2014USD ($) | Aug. 20, 2010USD ($) | Jul. 27, 2010 | Jan. 26, 2009 | Jul. 20, 2007facility |
Line of Credit Facility | |||||||||||||||||||||
Issuance of stock (in shares) | shares | 13,102 | 1,128,713 | |||||||||||||||||||
Amended And Restated Credit Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Reduction in the minimum consolidated net worth ratio | $ 30,730 | ||||||||||||||||||||
Consolidated net worth to be maintained | 270,150 | ||||||||||||||||||||
Secured Debt | $22 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | $ 22,000 | $ 22,000 | |||||||||||||||||||
Collateral security maintenance test (as a percent) | 110.00% | 125.00% | 110.00% | ||||||||||||||||||
Secured Debt | Baltic Trading $33 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | $ 33,000 | $ 33,000 | |||||||||||||||||||
Secured Debt | Baltic Trading $33 Million Term Loan Facility | Baltic Scorpion | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 140.00% | ||||||||||||||||||||
Secured Debt | $253 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | $ 253,000 | 253,000 | |||||||||||||||||||
Secured Debt | $100 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | 100,000 | 100,000 | |||||||||||||||||||
Line of Credit Facility | $148 Million Credit Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | $ 148,000 | $ 148,000 | $ 148,000 | 148,000 | 148,000 | ||||||||||||||||
Minimum cash required to be maintained by each collateralized vessel | $ 750 | ||||||||||||||||||||
Repayments of Lines of Credit | $ 140,383 | $ 7,616 | |||||||||||||||||||
Line of Credit Facility | $148 Million Credit Facility | LIBOR | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Applicable margin over reference rate (as a percent) | 3.00% | ||||||||||||||||||||
Predecessor | 2010 Notes | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Interest rate on convertible notes (as a percent) | 5.00% | ||||||||||||||||||||
Number of days after notice from trustee to cure default | 30 days | ||||||||||||||||||||
Predecessor | 2007 Credit Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Number of days after year end audited financial statements are to be furnished to lenders | 90 days | ||||||||||||||||||||
Predecessor | Secured Debt | $22 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | $ 22,000 | ||||||||||||||||||||
Predecessor | Secured Debt | $22 Million Term Loan Facility | LIBOR | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Applicable margin over reference rate (as a percent) | 3.35% | ||||||||||||||||||||
Predecessor | Secured Debt | $253 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | $ 253,000 | $ 253,000 | $ 253,000 | $ 253,000 | |||||||||||||||||
Predecessor | Secured Debt | $253 Million Term Loan Facility | LIBOR | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 3.00% | ||||||||||||||||||||
Predecessor | Secured Debt | $100 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Maximum borrowing capacity | $ 100,000 | $ 100,000 | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 3.00% | ||||||||||||||||||||
Predecessor | Line of Credit Facility | $253 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Repayments of Lines of Credit | 7,000 | $ 30,450 | |||||||||||||||||||
Predecessor | Line of Credit Facility | $100 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Repayments of Lines of Credit | $ 3,000 | $ 11,538 | |||||||||||||||||||
Predecessor | Line of Credit Facility | 2007 Credit Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 130.00% | ||||||||||||||||||||
Number of credit facilities terminated | facility | 2 | 2 | |||||||||||||||||||
Minimum cash balances necessary to repay credit facility on a quarterly basis commencing September 30, 2012 | $ 100,000 | ||||||||||||||||||||
Percentage of repayments commencing September 30, 2012 to be allocated to the final payment at maturity (as a percent) | 25.00% | ||||||||||||||||||||
Percentage of repayments commencing September 30, 2012 to be allocated to the scheduled mandatory principal repayments (as a percent) | 75.00% | ||||||||||||||||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 0.85% | ||||||||||||||||||||
Facility fee (as a percent) | 1.00% | 2.00% | |||||||||||||||||||
Reduction in facility fee if equity offering results in desired gross proceeds (as a percent) | 1.00% | ||||||||||||||||||||
Prepayment fee (as a percent) | 1.25% | ||||||||||||||||||||
Long-term interest payable | $ 13,199 | ||||||||||||||||||||
Minimum cash required to be maintained by each collateralized vessel | 750 | ||||||||||||||||||||
Minimum cash balance required per vessel mortgaged, before increase | $ 500 | ||||||||||||||||||||
Repayments of Lines of Credit | $ 52,500 | $ 57,893 | |||||||||||||||||||
Predecessor | Line of Credit Facility | 2007 Credit Facility | Minimum | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Appraised value of certain mortgaged vessels as percentage of the aggregate principal amount for ceasing of mandatory payment obligations (as a percent) | 100.00% | ||||||||||||||||||||
Predecessor | Line of Credit Facility | August 2012 Credit Facility Agreements | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Number of credit facilities with prepaid scheduled amortization payments | facility | 2 | ||||||||||||||||||||
Aggregate principal amount to be paid | $ 55,193 | ||||||||||||||||||||
Number of credit facilities that will not increase the amount of principal indebtedness outstanding or change their maturity dates | facility | 3 | ||||||||||||||||||||
Number of credit facilities with vessels pledged being granted a second priority security interest | facility | 2 | ||||||||||||||||||||
Number of credit facilities in which the consenting lenders received an upfront fee | facility | 3 | ||||||||||||||||||||
Percentage of upfront fee received by consenting lenders (as a percent) | 0.25% | ||||||||||||||||||||
Ratio of interest-bearing indebtedness to the sum of interest-bearing indebtedness and consolidated net worth (as a percent) | 62.50% | ||||||||||||||||||||
Repayments of Lines of Credit | $ 57,893 | ||||||||||||||||||||
Predecessor | Line of Credit Facility | August 2012 Credit Facility Agreements | LIBOR | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 2.00% | 2.00% | |||||||||||||||||||
Applicable margin over reference rate (as a percent) | 3.00% | ||||||||||||||||||||
Predecessor | Line of Credit Facility | August 2012 Credit Facility Agreements | Maximum | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Percentage of indebtedness allowed to be incurred for vessel acquisitions as percentage of the lesser of the vessel acquisition cost or fair market value (as a percent) | 60.00% | ||||||||||||||||||||
Predecessor | Line of Credit Facility | December 2011 Credit Facility Agreements | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Percentage of upfront fee received by consenting lenders (as a percent) | 0.25% | ||||||||||||||||||||
Number of credit facilities not subject to facility fee | facility | 2 | ||||||||||||||||||||
Issuance of stock (in shares) | shares | 7,500,000 | ||||||||||||||||||||
Ratio of interest-bearing indebtedness to the sum of interest-bearing indebtedness and consolidated net worth (as a percent) | 62.50% | ||||||||||||||||||||
Repayments of Lines of Credit | $ 52,500 | ||||||||||||||||||||
Period from June 30, 2015 to December 30, 2015 | Secured Debt | 2014 Term Loan Facilities | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 125.00% | ||||||||||||||||||||
Period from December 31, 2015 to March 30, 2016 | Secured Debt | 2014 Term Loan Facilities | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 130.00% | ||||||||||||||||||||
Period from March 31, 2016 and thereafter | Secured Debt | 2014 Term Loan Facilities | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 135.00% | ||||||||||||||||||||
Up to June 30, 2016 | Secured Debt | $22 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 110.00% | ||||||||||||||||||||
Up to December 31, 2015 | Secured Debt | Baltic Trading $33 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 130.00% | ||||||||||||||||||||
Up to December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 130.00% | ||||||||||||||||||||
After December 31, 2015 | Secured Debt | Baltic Trading $33 Million Term Loan Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 140.00% | ||||||||||||||||||||
After December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility | |||||||||||||||||||||
Line of Credit Facility | |||||||||||||||||||||
Collateral security maintenance test (as a percent) | 140.00% |
DEBT - 2015 Revolving Credit Fa
DEBT - 2015 Revolving Credit Facility (Details) - Revolving Credit Facility - 2015 Revolving Credit Facility $ in Thousands | Apr. 07, 2016USD ($) | Oct. 14, 2015USD ($) | Jul. 10, 2015USD ($) | Apr. 08, 2015USD ($) | Apr. 07, 2015USD ($)installment | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) |
Line of Credit Facility | |||||||
Maximum borrowing capacity | $ 59,500 | ||||||
Quarterly reduction of total amount committed | $ 1,641 | ||||||
Number of quarterly installments | installment | 20 | ||||||
Period after agreement date for first periodic payment | 3 months | ||||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 1.50% | ||||||
Drawdowns during the period | $ 21,218 | $ 10,000 | $ 25,000 | $ 56,218 | |||
Amount of amortization postponed from current due date | $ 1,641 | ||||||
Debt service required | $ 3,241 | ||||||
Long-term debt | $ 56,218 | $ 0 | |||||
LIBOR | |||||||
Line of Credit Facility | |||||||
Reference rate for interest payable | LIBOR | ||||||
Minimum | LIBOR | |||||||
Line of Credit Facility | |||||||
Applicable margin over reference rate for interest payable | 3.40% | ||||||
Maximum | LIBOR | |||||||
Line of Credit Facility | |||||||
Applicable margin over reference rate for interest payable | 4.25% |
DEBT - $148M Revolving Credit (
DEBT - $148M Revolving Credit (Details) $ in Thousands | Oct. 07, 2015USD ($) | Aug. 03, 2015USD ($) | Feb. 27, 2015USD ($) | Jan. 07, 2015USD ($) | Dec. 31, 2014USD ($)item | Dec. 31, 2015USD ($)item | Aug. 31, 2015item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 14, 2015USD ($) |
Secured Debt | Baltic Trading $33 Million Term Loan Facility | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 33,000 | |||||||||
Number of single term loans | item | 2 | |||||||||
Number of vessels purchased by using term loan finance | item | 2 | |||||||||
Period after latest vessel delivery date for first periodic repayment | 3 months | |||||||||
Amount aggregate outstanding term loan due per installment (as a percent) | 1.667% | |||||||||
Long-term debt | $ 32,086 | $ 0 | $ 32,086 | |||||||
Secured Debt | Baltic Trading $33 Million Term Loan Facility | Baltic Scorpion | ||||||||||
Line of Credit Facility | ||||||||||
Maximum facility amount of delivered cost per vessel expected to be refinanced | $ 16,500 | |||||||||
Drawdowns during the period | $ 16,500 | |||||||||
Collateral security maintenance test (as a percent) | 140.00% | |||||||||
Secured Debt | Baltic Trading $33 Million Term Loan Facility | Baltic Mantis | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | 16,500 | |||||||||
Drawdowns during the period | $ 16,500 | |||||||||
Line of Credit Facility | $148 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 148,000 | $ 148,000 | 148,000 | 148,000 | $ 148,000 | |||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 1.20% | |||||||||
Number of vessels mortgaged | item | 9 | |||||||||
Minimum period for future time charter contracts to be secured under lien | 36 months | |||||||||
Repayment of line of credit facility | 140,383 | 7,616 | ||||||||
Drawdowns during the period | 148,000 | |||||||||
Number of unencumbered vessels adding as additional collateral to cover the shortfall of fair value | item | 2 | 2 | ||||||||
Line of Credit Facility | $148 Million Credit Facility | LIBOR | ||||||||||
Line of Credit Facility | ||||||||||
Reference rate for interest payable | LIBOR | |||||||||
Applicable margin over reference rate (as a percent) | 3.00% | |||||||||
Line of Credit Facility | 2010 Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Repayment of line of credit facility | $ 102,250 | 102,250 | ||||||||
Revolving Credit Facility | Baltic Trading $115 Million Revolving Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowing capacity | $ 115,000 | |||||||||
Amount of consecutive quarterly reductions in maximum borrowing capacity | $ 2,447 | |||||||||
Drawdowns during the period | $ 10,500 | 104,500 | ||||||||
Long-term Line of Credit | $ 107,658 | $ 0 | $ 107,658 | |||||||
Revolving Credit Facility | 2010 Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Repayment of line of credit facility | $ 102,250 | |||||||||
Up to December 31, 2015 | Secured Debt | Baltic Trading $33 Million Term Loan Facility | ||||||||||
Line of Credit Facility | ||||||||||
Collateral security maintenance test (as a percent) | 130.00% | |||||||||
Up to December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Collateral security maintenance test (as a percent) | 130.00% | |||||||||
After December 31, 2015 | Secured Debt | Baltic Trading $33 Million Term Loan Facility | ||||||||||
Line of Credit Facility | ||||||||||
Collateral security maintenance test (as a percent) | 140.00% | |||||||||
After December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility | ||||||||||
Line of Credit Facility | ||||||||||
Collateral security maintenance test (as a percent) | 140.00% |
DEBT - $44M Term Loan (Details)
DEBT - $44M Term Loan (Details) - Secured Debt - $44 Million Term Loan Facility $ in Thousands | Dec. 23, 2013USD ($) | Dec. 03, 2013USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility | ||||
Maximum borrowing capacity | $ 44,000 | |||
Minimum cash balance required per vessel owned | $ 750 | |||
Long-term debt | $ 0 | $ 37,916 | ||
Baltic Tiger and Baltic Lion | ||||
Line of Credit Facility | ||||
Minimum cash required to be maintained by each collateralized vessel | 1,000 | |||
Predecessor | ||||
Line of Credit Facility | ||||
Maximum borrowing capacity | $ 44,000 | |||
Commitment fee on unused daily average unutilized commitment (as a percent) | 0.75% | |||
Number of quarterly installments | item | 23 | |||
Amount of periodic payment | $ 688 | |||
Period after last drawdown date for first periodic repayment | 3 months | |||
Final payment amount | $ 28,188 | |||
Amount of prepayments to have liens released | $ 18,000 | |||
Maximum ratio of financial indebtedness to total assets (as a percent) | 70.00% | |||
Consolidated net worth threshold, base amount | $ 786,360 | |||
Consolidated net worth threshold, percentage of the value of any subsequent primary equity offerings (as a percent) | 50.00% | |||
Collateral security maintenance test (as a percent) | 125.00% | |||
Predecessor | LIBOR | ||||
Line of Credit Facility | ||||
Reference rate for interest payable | three-month LIBOR | |||
Applicable margin over reference rate (as a percent) | 3.35% | |||
Predecessor | Baltic Tiger | ||||
Line of Credit Facility | ||||
Drawdowns during the period | $ 21,400 | |||
Predecessor | Baltic Lion | ||||
Line of Credit Facility | ||||
Drawdowns during the period | $ 22,600 |
DEBT - $22M Term Loan (Details)
DEBT - $22M Term Loan (Details) - Secured Debt - $22 Million Term Loan Facility $ in Thousands | Sep. 04, 2013USD ($) | Aug. 30, 2013USD ($)installment | Dec. 31, 2016USD ($) | Jul. 01, 2016 | Jun. 30, 2016 | Dec. 31, 2015USD ($) | Jul. 14, 2015USD ($) |
Line of Credit Facility | |||||||
Maximum borrowing capacity | $ 22,000 | $ 22,000 | |||||
Collateral security maintenance test (as a percent) | 125.00% | 110.00% | 110.00% | ||||
Long-term debt | $ 0 | $ 18,249 | |||||
Predecessor | |||||||
Line of Credit Facility | |||||||
Maximum borrowing capacity | $ 22,000 | ||||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 1.00% | ||||||
Number of quarterly installments | installment | 23 | ||||||
Line of Credit Facility Payment Amount Due at Maturity | $ 13,375 | ||||||
Amount of periodic payment | $ 375 | ||||||
Maximum ratio of financial indebtedness to total assets (as a percent) | 70.00% | ||||||
Period after latest vessel delivery date for first periodic repayment | 3 months | ||||||
Consolidated net worth threshold, base amount | $ 786,360 | ||||||
Consolidated net worth threshold, percentage of the value of any subsequent primary equity offerings (as a percent) | 50.00% | ||||||
Aggregate fair market value of the mortgaged vessels as a percentage of amount outstanding (as a percent) | 130.00% | ||||||
Aggregate fair market value of the mortgaged vessels as a percentage of amount outstanding after August 30, 2016 (as a percent) | 135.00% | ||||||
Predecessor | LIBOR | |||||||
Line of Credit Facility | |||||||
Reference rate for interest payable | Three-month LIBOR | ||||||
Applicable margin over reference rate (as a percent) | 3.35% | ||||||
Predecessor | Baltic Fox and Baltic Hare | |||||||
Line of Credit Facility | |||||||
Minimum cash required to be maintained by each collateralized vessel | $ 500 | ||||||
Cash and cash equivalents and undrawn amount available for working capital required to be maintained | $ 750 | ||||||
Predecessor | Baltic Fox | |||||||
Line of Credit Facility | |||||||
Proceeds from Issuance of Secured Debt | $ 11,270 | ||||||
Predecessor | Baltic Hare | |||||||
Line of Credit Facility | |||||||
Proceeds from Issuance of Secured Debt | $ 10,730 |
DEBT - $253M and $100M Term Loa
DEBT - $253M and $100M Term Loans (Details) - Secured Debt $ in Thousands | Mar. 29, 2016USD ($) | Mar. 11, 2016USD ($) | Jul. 29, 2015USD ($) | Apr. 30, 2015USD ($) | Jul. 09, 2014USD ($) | Aug. 20, 2010USD ($)trancheitem | Aug. 12, 2010USD ($)trancheitem | Oct. 31, 2015USD ($) | Jul. 31, 2015item | Oct. 31, 2015item | Dec. 31, 2010USD ($) | Mar. 31, 2011USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 01, 2014USD ($) | Aug. 01, 2012USD ($) | Dec. 21, 2011USD ($) | Sep. 30, 2010item |
$253 Million Term Loan Facility | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Maximum borrowing capacity | $ 253,000 | $ 253,000 | ||||||||||||||||
Restricted cash | 9,750 | |||||||||||||||||
Number of unencumbered vessels adding as additional collateral to cover the shortfall of fair value | item | 5 | |||||||||||||||||
Prepayment of the outstanding indebtedness | $ 5,075 | $ 1,650 | $ 5,075 | |||||||||||||||
Drawdowns during the period | $ 253,000 | |||||||||||||||||
Paydown of debt | $ 5,075 | |||||||||||||||||
Payment of upfront fees | $ 350 | |||||||||||||||||
Long-term Debt | 0 | 142,740 | ||||||||||||||||
$100 Million Term Loan Facility | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Maximum borrowing capacity | 100,000 | 100,000 | ||||||||||||||||
Number of unencumbered vessels adding as additional collateral to cover the shortfall of fair value | item | 2 | |||||||||||||||||
Paydown of debt | 1,923 | |||||||||||||||||
Prepayment of amortization payment before due date | $ 1,923 | |||||||||||||||||
Payment of upfront fees | 165 | |||||||||||||||||
Long-term Debt | $ 0 | $ 58,899 | ||||||||||||||||
$100 Million and $253 Million Term Loan Facilities | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Minimum cash balance required per vessel owned | $ 750 | $ 750 | ||||||||||||||||
Maximum total debt outstanding to value adjusted total assets ratio | 70.00% | |||||||||||||||||
Maximum percentage of liquidity covenant amended | 50.00% | |||||||||||||||||
Minimum period of available working capital lines | 6 months | |||||||||||||||||
$100 Million and $253 Million Term Loan Facilities | LIBOR | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||
Predecessor | $253 Million Term Loan Facility | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Maximum borrowing capacity | $ 253,000 | $ 253,000 | $ 253,000 | $ 253,000 | ||||||||||||||
Number of vessels acquired | item | 13 | |||||||||||||||||
Number of drawdowns per vessel | tranche | 1 | |||||||||||||||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 1.25% | |||||||||||||||||
Number of vessels delivered pursuant to the agreement | item | 12 | |||||||||||||||||
Drawdowns during the period | $ 253,000 | |||||||||||||||||
Number of drawdowns | tranche | 13 | |||||||||||||||||
Number of vessels owned by each of the entity's wholly-owned ship-owning subsidiaries who act as guarantors | item | 1 | |||||||||||||||||
Predecessor | $253 Million Term Loan Facility | LIBOR | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 3.00% | |||||||||||||||||
Predecessor | $253 Million Term Loan Facility | Minimum | LIBOR | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Reference rate for interest payable | Three-month LIBOR | |||||||||||||||||
Predecessor | $253 Million Term Loan Facility | Maximum | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Reference rate for interest payable | Six-month LIBOR | |||||||||||||||||
Predecessor | $100 Million Term Loan Facility | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Maximum borrowing capacity | $ 100,000 | $ 100,000 | ||||||||||||||||
Number of vessels acquired | item | 5 | |||||||||||||||||
Number of drawdowns per vessel | tranche | 1 | |||||||||||||||||
Reference rate for interest payable | Three-month LIBOR | |||||||||||||||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 1.35% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||||||
Drawdowns during the period | $ 20,000 | |||||||||||||||||
Profile for Amortization Period | 13 years | |||||||||||||||||
Maturity term from the date of the first drawdown | 7 years | |||||||||||||||||
Number of drawdowns | tranche | 5 | |||||||||||||||||
Number of vessels owned by each of the entity's wholly-owned ship-owning subsidiaries who act as guarantors | item | 1 | |||||||||||||||||
Predecessor | $100 Million Term Loan Facility | Minimum | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Reference rate for interest payable | One-month LIBOR | |||||||||||||||||
Predecessor | $100 Million Term Loan Facility | Maximum | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Reference rate for interest payable | Six-month LIBOR | |||||||||||||||||
Predecessor | $100 Million and $253 Million Term Loan Facilities | LIBOR | ||||||||||||||||||
Line of Credit Facility | ||||||||||||||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 3.00% |
DEBT - 2010 Line of Credit (Det
DEBT - 2010 Line of Credit (Details) - Line of Credit Facility - 2010 Credit Facility $ in Thousands | Jan. 07, 2015USD ($) | Aug. 29, 2013USD ($)item | Dec. 31, 2015USD ($) | Nov. 30, 2010USD ($) | Apr. 16, 2010USD ($) |
Line of Credit Facility | |||||
Payment of Credit Facility | $ 102,250 | $ 102,250 | |||
Predecessor | |||||
Line of Credit Facility | |||||
Maximum borrowing capacity | $ 110,000 | $ 150,000 | $ 100,000 | ||
Number of consecutive semi-annual reductions in total commitment | item | 3 | ||||
Amount of semi-annual reductions in maximum borrowing capacity through the maturity date | $ 5,000 | ||||
Ratio of maximum facility amount to aggregate appraised value of vessels mortgaged (as a percent) | 55.00% | ||||
Applicable margin over reference rate for condition two (as a percent) | 3.35% | ||||
Predecessor | LIBOR | |||||
Line of Credit Facility | |||||
Reference rate for interest payable | LIBOR | ||||
Applicable margin over reference rate for condition one (as a percent) | 3.00% |
DEBT - 2007 Credit Facility (De
DEBT - 2007 Credit Facility (Details) - Predecessor $ in Thousands | Aug. 01, 2012USD ($) | Dec. 21, 2011USD ($) | Jan. 26, 2009USD ($) | Sep. 30, 2007 | Jul. 20, 2007USD ($)facilityitem | Jul. 07, 2007 | Aug. 31, 2012USD ($) | Sep. 30, 2007 | Jul. 09, 2014facilityitem |
Line of Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 0.20% | ||||||||
Line of Credit Facility | Short Term Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Repayment of line of credit facility | $ 77,000 | ||||||||
Line of Credit Facility | 2007 Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Number of vessels to be acquired under the Credit Facility | item | 9 | ||||||||
Collateral security maintenance test (as a percent) | 130.00% | ||||||||
Number of credit facilities terminated | facility | 2 | 2 | |||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 0.85% | ||||||||
Consolidated net worth threshold, base amount | $ 263,300 | ||||||||
Maximum percentage of en bloc purchase price which may be financed by loans (as a percent) | 100.00% | ||||||||
Final payment amount | $ 381,182 | ||||||||
Commitment fee on unused daily average unutilized commitment (as a percent) | 0.70% | 0.25% | |||||||
Purchase price of vessels | $ 1,111,000 | ||||||||
Consolidated leverage ratio | 5.5 | ||||||||
Consolidated net worth threshold, percentage of the value of any subsequent primary equity offerings (as a percent) | 80.00% | ||||||||
Number of vessels mortgaged | item | 9 | 35 | |||||||
Period collateral was pledged prior to effective date of Credit Facility | 30 days | ||||||||
Ratio of EBITDA to interest expense | 2 | ||||||||
Minimum cash required to be maintained by each collateralized vessel | $ 750 | ||||||||
Minimum cash balance required per vessel mortgaged, before increase | $ 500 | ||||||||
Remedy period available to post additional collateral or reduce the amount of the revolving loans and/or letters of credit outstanding | 30 days | ||||||||
Repayment of line of credit facility | $ 52,500 | $ 57,893 | |||||||
Line of Credit Facility | 2007 Credit Facility | LIBOR | |||||||||
Line of Credit Facility | |||||||||
Reference rate | One, three or six,-month LIBOR | ||||||||
Line of Credit Facility | 2007 Credit Facility | Minimum | |||||||||
Line of Credit Facility | |||||||||
Consolidated net worth based on equity offerings completed | $ 674,555 | ||||||||
Capacity of Vessels in Deadweight Tonnage | item | 25,000 | ||||||||
Line of Credit Facility | 2007 Credit Facility | Maximum | |||||||||
Line of Credit Facility | |||||||||
Age of drybulk carriers at the time of delivery | 10 years | ||||||||
Age of drybulk carriers at the time of maturity of the credit facility | 18 years | ||||||||
Available working capital borrowings | $ 50,000 | ||||||||
Capacity of Vessels in Deadweight Tonnage | item | 180,000 | ||||||||
Line of Credit Facility | 2005 Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Repayment of line of credit facility | $ 206,233 | ||||||||
Line of Credit Facility | January 2009 Credit Facility Agreements | LIBOR | |||||||||
Line of Credit Facility | |||||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 2.00% | ||||||||
Line of Credit Facility | August 2012 Credit Facility Agreements | |||||||||
Line of Credit Facility | |||||||||
Percentage of upfront fee received by consenting lenders (as a percent) | 0.25% | ||||||||
Repayment of line of credit facility | $ 57,893 | ||||||||
Line of Credit Facility | August 2012 Credit Facility Agreements | LIBOR | |||||||||
Line of Credit Facility | |||||||||
Applicable margin over reference rate for interest payable, before increase (as a percent) | 2.00% | 2.00% | |||||||
Applicable margin over reference rate (as a percent) | 3.00% | ||||||||
Line of Credit Facility | December 2011 Credit Facility Agreements | |||||||||
Line of Credit Facility | |||||||||
Percentage of upfront fee received by consenting lenders (as a percent) | 0.25% | ||||||||
Repayment of line of credit facility | $ 52,500 | ||||||||
Letter of credit | 2007 Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Maximum borrowing capacity | $ 50,000 | ||||||||
Period from March 31, 2009 through March 31, 2012 | Line of Credit Facility | 2007 Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Reduction in maximum borrowing capacity | $ 12,500 | ||||||||
Period from June 30, 2012 through July 20, 2017 | Line of Credit Facility | 2007 Credit Facility | |||||||||
Line of Credit Facility | |||||||||
Reduction in maximum borrowing capacity | $ 48,195 |
DEBT - Interest Rates (Details)
DEBT - Interest Rates (Details) - USD ($) $ in Thousands | Jul. 09, 2014 | Dec. 21, 2011 | Sep. 21, 2005 | Sep. 30, 2015 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Interest rates on debt | ||||||||
Effective Interest Rate (as a percent) | 3.60% | 4.50% | 3.65% | |||||
Range of Interest Rates, minimum (excluding impact of unused commitment fees) (as a percent) | 2.73% | 2.69% | 2.69% | |||||
Range of Interest Rates, maximum (excluding impact of unused commitment fees) (as a percent) | 3.76% | 7.12% | 6.73% | |||||
Letter of credit | ||||||||
Amount securitized and held as restricted cash in noncurrent assets | $ 27,426 | $ 315 | ||||||
Predecessor | ||||||||
Interest rates on debt | ||||||||
Effective Interest Rate (as a percent) | 4.19% | |||||||
Range of Interest Rates, minimum (excluding impact of unused commitment fees) (as a percent) | 3.15% | |||||||
Range of Interest Rates, maximum (excluding impact of unused commitment fees) (as a percent) | 5.15% | |||||||
Letter of credit | ||||||||
Letter of credit | ||||||||
Fee on letter of credit (as a percent) | 1.375% | 1.375% | 1.375% | |||||
Amount of letters outstanding | $ 300 | $ 300 | ||||||
Amount securitized and held as restricted cash in noncurrent assets | $ 315 | $ 315 | ||||||
Letter of credit | Predecessor | ||||||||
Letter of credit | ||||||||
Fee on letter of credit (as a percent) | 1.00% | |||||||
Letter of credit | Minimum | ||||||||
Letter of credit | ||||||||
Notice period for cancellation of line of credit | 30 days | |||||||
2007 Credit Facility | Line of Credit Facility | Predecessor | ||||||||
Letter of credit | ||||||||
Facility fee (as a percent) | 1.00% | 2.00% |
CONVERTIBLE SENIOR NOTES (Detai
CONVERTIBLE SENIOR NOTES (Details) - USD ($) $ in Thousands | Jul. 27, 2010 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt | |||||
Non-cash deferred financing amortization costs included in interest expense | $ 845 | $ 2,847 | $ 2,379 | ||
Predecessor | |||||
Debt | |||||
Non-cash interest expense recognized | $ 1,592 | ||||
Non-cash deferred financing amortization costs included in interest expense | 4,461 | ||||
Predecessor | 2010 Notes | |||||
Debt | |||||
Proceeds from convertible debt | $ 125,000 | ||||
Interest rate on convertible notes (as a percent) | 5.00% | ||||
Interest expense, including amortization of discount not recorded | $ 2,522 | ||||
Effective interest rate on liability component (as a percent) | 10.00% | ||||
Cash interest expense recognized | $ 1,886 | ||||
Non-cash interest expense recognized | 1,592 | ||||
Non-cash deferred financing amortization costs included in interest expense | $ 216 |
INTEREST RATE SWAP AGREEMENTS89
INTEREST RATE SWAP AGREEMENTS (Details) $ in Thousands | Apr. 30, 2014USD ($) |
Chapter 11 | DNB Bank ASA | Predecessor | |
Interest rate swaps designated as cash flow hedges | |
Secured claim issued with the Bankruptcy Court | $ 5,622 |
INTEREST RATE SWAP AGREEMENTS -
INTEREST RATE SWAP AGREEMENTS - Effect of Derivative Instruments (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014USD ($) | Jul. 09, 2014USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2014USD ($)item | Jul. 20, 2007item | |
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Interest Expense | $ 7,620 | $ 28,453 | $ 20,032 | |||
Predecessor | ||||||
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Interest Expense | $ 41,061 | |||||
Interest rate contracts | Derivatives in cash flow hedging relationships | Predecessor | ||||||
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (179) | |||||
Interest rate contracts | Interest Expense. | Derivatives in cash flow hedging relationships | Predecessor | ||||||
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Amount of Gain (Loss) Reclassified from AOCI into income (Effective Portion) | (2,580) | |||||
Interest rate contracts | Interest Expense. | Derivatives not designated as Hedging | Predecessor | ||||||
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | (225) | |||||
Interest rate swap | Derivatives in cash flow hedging relationships | Predecessor | ||||||
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Interest Expense | $ 2,580 | |||||
2007 Credit Facility | Line of Credit Facility | Predecessor | ||||||
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Number of vessels mortgaged | item | 35 | 9 | ||||
2007 Credit Facility | Line of Credit Facility | Interest rate contracts | Predecessor | ||||||
Impact of derivative instruments and their location within Condensed Consolidated Statement of Operations | ||||||
Number of vessels mortgaged | item | 35 | |||||
Aggregate amount of collateral | $ 100,000 |
ACCUMULATED OTHER COMPREHENSI91
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in AOCI by Component | ||||
Balance at the beginning of the period | $ (21) | |||
Other comprehensive income | $ (25,317) | 21 | $ 25,296 | |
Balance at the end of the period | (21) | |||
Net Unrealized Gain (Loss) on Investments | ||||
Changes in AOCI by Component | ||||
Balance at the beginning of the period | (21) | (25,317) | ||
OCI before reclassifications | (25,317) | (2,385) | (13,268) | |
Amounts reclassified from AOCI | 2,406 | 38,564 | ||
Other comprehensive income | (25,317) | $ 21 | 25,296 | |
Balance at the end of the period | (25,317) | $ (21) | ||
Predecessor | ||||
Changes in AOCI by Component | ||||
Balance at the beginning of the period | 30,357 | $ 53,722 | ||
OCI before reclassifications | (25,945) | |||
Amounts reclassified from AOCI | 2,580 | |||
Other comprehensive income | (23,365) | |||
Balance at the end of the period | 30,357 | |||
Predecessor | Net Unrealized Gain (Loss) on Cash Flow Hedges | ||||
Changes in AOCI by Component | ||||
Balance at the beginning of the period | (4,575) | (6,976) | ||
OCI before reclassifications | (179) | |||
Amounts reclassified from AOCI | 2,580 | |||
Other comprehensive income | 2,401 | |||
Balance at the end of the period | (4,575) | |||
Predecessor | Net Unrealized Gain (Loss) on Investments | ||||
Changes in AOCI by Component | ||||
Balance at the beginning of the period | $ 34,932 | 60,698 | ||
OCI before reclassifications | (25,766) | |||
Other comprehensive income | (25,766) | |||
Balance at the end of the period | $ 34,932 |
ACCUMULATED OTHER COMPREHENSI92
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)- Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassifications Out of AOCI | ||||||||||||
Other income (expense) | $ (7,538) | $ (30,300) | $ (58,595) | |||||||||
Impairment of investment | $ (32,536) | 0 | (69,278) | (39,893) | ||||||||
Interest expense | (7,620) | (28,453) | (20,032) | |||||||||
Net loss attributable to Genco Shipping& Trading Limited | $ (25,104) | $ (27,514) | $ (110,653) | $ (54,483) | $ (49,498) | $ (66,625) | $ (40,332) | $ (38,442) | $ (182,294) | (217,757) | (194,897) | |
Predecessor | ||||||||||||
Reclassifications Out of AOCI | ||||||||||||
Other income (expense) | $ (41,122) | |||||||||||
Impairment of investment | 0 | |||||||||||
Interest expense | (41,061) | |||||||||||
Net loss attributable to Genco Shipping& Trading Limited | (951,149) | |||||||||||
Net Unrealized Gain (Loss) on Investments | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Reclassifications Out of AOCI | ||||||||||||
Other income (expense) | 290 | (687) | ||||||||||
Impairment of investment | (2,696) | (37,877) | ||||||||||
Net loss attributable to Genco Shipping& Trading Limited | $ (2,406) | $ (38,564) | ||||||||||
Net Unrealized Gain (Loss) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Predecessor | ||||||||||||
Reclassifications Out of AOCI | ||||||||||||
Interest expense | (2,580) | |||||||||||
Net loss attributable to Genco Shipping& Trading Limited | $ (2,580) |
FAIR VALUE OF FINANCIAL INSTR93
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Nov. 15, 2016 | Dec. 31, 2015 | Nov. 04, 2015 |
Fair value of financial instruments | ||||
Floating rate debt | $ 524,377 | $ 588,434 | ||
Line of Credit Facility | $98 Million Credit Facility | ||||
Fair value of financial instruments | ||||
Floating rate debt | 95,271 | 98,271 | ||
Face amount of term loan facility | 98,000 | $ 98,000 | $ 98,000 | |
Carrying Value | ||||
Fair value of financial instruments | ||||
Cash and cash equivalents | 133,400 | 121,074 | ||
Restricted cash | 35,668 | 19,815 | ||
Floating rate debt | 524,377 | 588,434 | ||
Fair value | ||||
Fair value of financial instruments | ||||
Cash and cash equivalents | 133,400 | 121,074 | ||
Restricted cash | 35,668 | 19,815 | ||
Floating rate debt | $ 524,377 | $ 588,434 |
FAIR VALUE OF FINANCIAL INSTR94
FAIR VALUE OF FINANCIAL INSTRUMENTS-Quoted Market Prices (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Fair value of financial instruments | |
Investments | $ 12,327 |
Quoted Market Prices in Active Markets | |
Fair value of financial instruments | |
Investments | $ 12,327 |
PREPAID EXPENSES AND OTHER CU95
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS | ||
Lubricant inventory, fuel oil and diesel oil inventory and other stores | $ 9,634 | $ 10,478 |
Prepaid items | 2,552 | 3,917 |
Insurance receivable | 1,030 | 2,738 |
Other | 2,534 | 4,236 |
Total prepaid expenses and other current assets | 15,750 | 21,369 |
Security deposit related to operating lease included in other noncurrent assets | $ 514 | $ 514 |
DEFERRED FINANCING COSTS (Detai
DEFERRED FINANCING COSTS (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 10, 2016 | Jun. 08, 2016 | Jul. 14, 2015 | Apr. 07, 2015 | Jan. 01, 2014 | Aug. 01, 2012 | Dec. 21, 2011 | Aug. 20, 2010 | Aug. 12, 2010 | |
Deferred financing costs | |||||||||||||
Total deferred financing costs | $ 4,028 | ||||||||||||
Less: accumulated amortization | $ 0 | 734 | |||||||||||
Total | 3,294 | ||||||||||||
Amortization of deferred financing costs | $ 845 | 2,847 | 2,379 | ||||||||||
Secured Debt | $400 Million Credit Facility | |||||||||||||
Deferred financing costs | |||||||||||||
Maximum borrowing capacity | 400,000 | $ 400,000 | $ 400,000 | ||||||||||
Secured Debt | $100 Million Term Loan Facility | |||||||||||||
Deferred financing costs | |||||||||||||
Maximum borrowing capacity | 100,000 | 100,000 | |||||||||||
Secured Debt | $253 Million Term Loan Facility | |||||||||||||
Deferred financing costs | |||||||||||||
Maximum borrowing capacity | 253,000 | 253,000 | |||||||||||
Line of Credit Facility | $148 Million Credit Facility | |||||||||||||
Deferred financing costs | |||||||||||||
Total deferred financing costs | 2,774 | ||||||||||||
Maximum borrowing capacity | $ 148,000 | $ 148,000 | 148,000 | $ 148,000 | |||||||||
Revolving Credit Facility | 2015 Revolving Credit Facility | |||||||||||||
Deferred financing costs | |||||||||||||
Total deferred financing costs | $ 1,254 | ||||||||||||
Maximum borrowing capacity | $ 59,500 | ||||||||||||
Predecessor | |||||||||||||
Deferred financing costs | |||||||||||||
Amortization of deferred financing costs | $ 4,461 | ||||||||||||
Predecessor | Secured Debt | $100 Million Term Loan Facility | |||||||||||||
Deferred financing costs | |||||||||||||
Maximum borrowing capacity | $ 100,000 | $ 100,000 | |||||||||||
Predecessor | Secured Debt | $253 Million Term Loan Facility | |||||||||||||
Deferred financing costs | |||||||||||||
Maximum borrowing capacity | $ 253,000 | $ 253,000 | $ 253,000 | $ 253,000 |
DEFERRED FINANCING COSTS - ASU
DEFERRED FINANCING COSTS - ASU 2015-03 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASU 2015-03 | ||
Deferred financing costs, net | $ (11,357) | $ (9,411) |
Long-term debt, current | (4,576) | (579,023) |
Long-term debt, noncurrent | (508,444) | |
Adoption Of ASU 2015-03 | ||
ASU 2015-03 | ||
Deferred financing costs, net | 11,357 | 9,411 |
Long-term debt, current | $ 9,411 | |
Long-term debt, noncurrent | $ 11,357 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
FIXED ASSETS | ||
Total cost | $ 1,777 | $ 1,690 |
Less: accumulated depreciation and amortization | 759 | 404 |
Total | 1,018 | 1,286 |
Vessel Equipment | ||
FIXED ASSETS | ||
Total cost | 1,173 | 1,086 |
Furniture and Fixtures | ||
FIXED ASSETS | ||
Total cost | 462 | 462 |
Computer equipment | ||
FIXED ASSETS | ||
Total cost | $ 142 | $ 142 |
ACCOUNTS PAYABLE AND ACCRUED 99
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | ||
Accounts payable | $ 6,703 | $ 8,271 |
Accrued general and administrative expenses | 5,618 | 5,745 |
Accrued vessel operating expenses | 10,564 | 13,451 |
Total | $ 22,885 | $ 27,467 |
LIABILITIES SUBJECT TO COMPR100
LIABILITIES SUBJECT TO COMPROMISE (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 09, 2014 | Jan. 01, 2014 | Aug. 01, 2012 | Dec. 21, 2011 | Aug. 20, 2010 | Aug. 12, 2010 |
Predecessor | Chapter 11 | ||||||||
Liabilities subject to compromise | ||||||||
Interest payable | $ 13,199 | |||||||
Terminated interest rate swap liability | 5,622 | |||||||
Lease obligation | 815 | |||||||
Pre-petition accounts payable | 41 | |||||||
Total | 1,443,446 | |||||||
Predecessor | Chapter 11 | 2010 Notes | ||||||||
Liabilities subject to compromise | ||||||||
Discharge of Predecessor equity | 117,473 | |||||||
Bond coupon interest payable | 1,105 | |||||||
Line of Credit Facility | Predecessor | 2007 Credit Facility | Chapter 11 | ||||||||
Liabilities subject to compromise | ||||||||
Discharge of Predecessor equity | 1,055,912 | |||||||
Secured Debt | $100 Million Term Loan Facility | ||||||||
Liabilities subject to compromise | ||||||||
Maximum borrowing capacity | $ 100,000 | $ 100,000 | ||||||
Secured Debt | $253 Million Term Loan Facility | ||||||||
Liabilities subject to compromise | ||||||||
Maximum borrowing capacity | $ 253,000 | $ 253,000 | ||||||
Secured Debt | Predecessor | $100 Million Term Loan Facility | ||||||||
Liabilities subject to compromise | ||||||||
Maximum borrowing capacity | $ 100,000 | $ 100,000 | ||||||
Secured Debt | Predecessor | $100 Million Term Loan Facility | Chapter 11 | ||||||||
Liabilities subject to compromise | ||||||||
Discharge of Predecessor equity | 73,561 | |||||||
Secured Debt | Predecessor | $253 Million Term Loan Facility | ||||||||
Liabilities subject to compromise | ||||||||
Maximum borrowing capacity | $ 253,000 | $ 253,000 | $ 253,000 | $ 253,000 | ||||
Secured Debt | Predecessor | $253 Million Term Loan Facility | Chapter 11 | ||||||||
Liabilities subject to compromise | ||||||||
Discharge of Predecessor equity | $ 175,718 |
REVENUE FROM TIME CHARTERS (Det
REVENUE FROM TIME CHARTERS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 14, 2017 | |
Revenue from Time Charters | ||||||||||||||
Voyage revenues | $ 43,785 | $ 37,871 | $ 31,460 | $ 20,131 | $ 34,236 | $ 49,167 | $ 33,772 | $ 33,609 | $ 98,817 | $ 133,246 | $ 150,784 | |||
Profit sharing revenue | $ 3,415 | $ 0 | $ 0 | |||||||||||
Future minimum time charter revenue | ||||||||||||||
Expected minimum time charter revenue | $ 12,161 | |||||||||||||
Offhire period | 20 days | |||||||||||||
Predecessor | ||||||||||||||
Revenue from Time Charters | ||||||||||||||
Voyage revenues | $ 118,759 |
REORGANIZATION ITEMS, NET (Deta
REORGANIZATION ITEMS, NET (Details) - USD ($) $ in Thousands | Jul. 09, 2014 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Total reorganization fees | $ 1,591 | $ 272 | $ 1,085 | ||
Total reorganization items, net | 1,591 | 272 | 1,085 | ||
Predecessor | |||||
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Total reorganization fees | $ 35,232 | ||||
Gain on settlement of liabilities subject to compromise in exchange for equity issuance, net | (33,832) | ||||
Total fresh-start adjustment | 880,408 | ||||
Total reorganization items, net | 915,640 | ||||
Predecessor | As Reported | |||||
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Total reorganization items, net | (882,167) | ||||
Predecessor | Adjustment | |||||
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Total reorganization items, net | $ 1,797,807 | 1,797,807 | |||
Chapter 11 | |||||
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Professional fees incurred | 968 | 201 | 708 | ||
Trustee fees incurred | 623 | 71 | 377 | ||
Total reorganization fees | 1,591 | 272 | 1,085 | ||
Total reorganization items, net | $ 1,591 | $ 272 | $ 1,085 | ||
Chapter 11 | Predecessor | |||||
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Professional fees incurred | 34,981 | ||||
Trustee fees incurred | 251 | ||||
Total reorganization fees | 35,232 | ||||
Gain on settlement of liabilities subject to compromise in exchange for equity issuance, net | (33,832) | ||||
Fresh-start reporting adjustments | 914,240 | ||||
Total fresh-start adjustment | 880,408 | ||||
Total reorganization items, net | 915,640 | ||||
Chapter 11 | Predecessor | As Reported | |||||
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Professional fees incurred | 34,981 | ||||
Trustee fees incurred | 251 | ||||
Total reorganization fees | 35,232 | ||||
Gain on settlement of liabilities subject to compromise | (1,187,689) | ||||
Net gain on debt and equity discharge and issuance | (775,086) | ||||
Fresh-start reporting adjustments | 1,045,376 | ||||
Total fresh-start adjustment | (917,399) | ||||
Total reorganization items, net | (882,167) | ||||
Chapter 11 | Predecessor | Adjustment | |||||
Reorganization Bankruptcy Code Disclosure [Line Items] | |||||
Gain on settlement of liabilities subject to compromise | 1,187,689 | ||||
Net gain on debt and equity discharge and issuance | 775,086 | ||||
Gain on settlement of liabilities subject to compromise in exchange for equity issuance, net | (33,832) | ||||
Fresh-start reporting adjustments | (131,136) | ||||
Total fresh-start adjustment | 1,797,807 | ||||
Total reorganization items, net | $ 1,797,807 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Jul. 09, 2014 | Jul. 09, 2014 | Apr. 04, 2011 | Sep. 30, 2005 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and contingencies | ||||||||
Long-term lease obligations | $ 1,868 | $ 1,149 | ||||||
Gain related to previous lease liability settlement, included in rent expense | (116) | |||||||
Lease agreement entered into April 2011 | ||||||||
Commitments and contingencies | ||||||||
Long-term lease obligations | 1,868 | 1,149 | ||||||
Rent expense | $ 865 | 1,808 | $ 1,808 | |||||
Future minimum rental payments | ||||||||
2,017 | 1,076 | |||||||
2,018 | 916 | |||||||
2,019 | 2,230 | |||||||
2,020 | 2,230 | |||||||
2,021 | 2,230 | |||||||
Remaining term of the lease | 8,900 | |||||||
Lease agreement entered into April 2011 | Period from October 1, 2018 to April 30, 2023 | ||||||||
Commitments and contingencies | ||||||||
Monthly rental payment | 186 | |||||||
Lease agreement entered into April 2011 | Period from May 1, 2023 to September 30, 2025 | ||||||||
Commitments and contingencies | ||||||||
Monthly rental payment | 204 | |||||||
Lease agreement entered into April 2011 | Period During July 9, 2014 To September 30, 2025 | ||||||||
Commitments and contingencies | ||||||||
Monthly straight-line rental expense | 150 | |||||||
Sub Sublease Agreement | Period until May 31, 2015 | ||||||||
Commitments and contingencies | ||||||||
Monthly rental payment | 82 | |||||||
Sub Sublease Agreement | Period from May 31, 2015 until April 30, 2018 | ||||||||
Commitments and contingencies | ||||||||
Monthly rental payment | $ 90 | |||||||
Predecessor | Lease agreement entered into September 2005 | ||||||||
Commitments and contingencies | ||||||||
Lease term | 15 years | |||||||
Rent expense, net | $ (41) | |||||||
Predecessor | Lease agreement entered into April 2011 | ||||||||
Commitments and contingencies | ||||||||
Lease term | 7 years | |||||||
Obligation of sublessor towards the cost of alterations of office space | $ 472 | |||||||
Rent expense | $ 813 | |||||||
Predecessor | Lease agreement entered into April 2011 | Period during June 1, 2011 to September 30, 2025 | ||||||||
Commitments and contingencies | ||||||||
Monthly straight-line rental expense | $ 130 | $ 130 | $ 130 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Settlements (Details) - USD ($) $ in Thousands | Oct. 27, 2016 | May 02, 2016 | Apr. 08, 2016 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 05, 2010 |
Bankruptcy settlement | ||||||||
Other operating income recognized | $ 530 | $ 960 | $ 0 | |||||
Predecessor | ||||||||
Bankruptcy settlement | ||||||||
Other operating income recognized | $ 0 | |||||||
Bankruptcy settlement due | Samsun | ||||||||
Bankruptcy settlement | ||||||||
Amount of bankruptcy claim to be settled following the rehabilitation process | $ 3,979 | |||||||
Cash to be received to settle bankruptcy claim as percentage of total settlement | 26.00% | |||||||
Cash to be received to settle bankruptcy claim | $ 1,035 | |||||||
Tenure of Payment plan | 10 years | |||||||
Bankruptcy claims settled by conversion into shares of entity (as a percent) | 74.00% | |||||||
Amount Received | $ 777 | $ 157 | ||||||
Net present Value | $ 1,035 | |||||||
2012 Bankruptcy claims received | 296 | |||||||
2013 Bankruptcy claims received | $ 234 | |||||||
Percentage of bankruptcy claim due remitted | 50.00% | |||||||
Other operating income recognized | $ 530 | $ 934 | $ 0 | |||||
Bankruptcy settlement due | Samsun | Predecessor | ||||||||
Bankruptcy settlement | ||||||||
Amount of bankruptcy claim to be settled following the rehabilitation process | $ 17,212 | |||||||
Cash to be received to settle bankruptcy claim as percentage of total settlement | 34.00% | |||||||
Cash to be received to settle bankruptcy claim | $ 5,852 | |||||||
Bankruptcy claims settled by conversion into shares of entity (as a percent) | 66.00% | |||||||
Amount of bankruptcy claim settled through conversion into shares of entity | $ 11,360 | |||||||
Bankruptcy settlement due | Samsun | Predecessor | Minimum | ||||||||
Bankruptcy settlement | ||||||||
Percentage of total cash settlement to be received annually | 8.00% | |||||||
Bankruptcy settlement due | Samsun | Predecessor | Maximum | ||||||||
Bankruptcy settlement | ||||||||
Percentage of total cash settlement to be received annually | 17.00% |
SAVINGS PLAN (Details)
SAVINGS PLAN (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employer's dollar contribution for each employee percent to the 401(k) plan | $ 1.17 | |||
Employer's matching contribution (as a percent) | 6.00% | |||
Employer's matching contribution | $ 181,000 | $ 336,000 | $ 305,000 | |
Predecessor | ||||
Employer's matching contribution | $ 131,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | Oct. 13, 2016USD ($)$ / sharesshares | Jul. 07, 2016$ / sharesshares | May 18, 2016shares | Apr. 15, 2016 | Feb. 17, 2016itemshares | Jul. 29, 2015shares | Jul. 17, 2015shares | Jul. 13, 2015shares | Dec. 18, 2014shares | Aug. 07, 2014USD ($)$ / sharesshares | Jul. 09, 2014itemshares | Apr. 09, 2014shares | Mar. 15, 2010item | Dec. 31, 2014USD ($)$ / sharesshares | Jul. 09, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesshares | Jun. 26, 2015shares | Mar. 13, 2014shares | May 17, 2012shares | Mar. 03, 2010shares | Jul. 12, 2005shares |
Nonvested Stock Awards | |||||||||||||||||||||||
Reverse stock split | 0.1 | ||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Balance at the end of the period (in shares) | 89,526 | ||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Reverse stock split | 0.1 | ||||||||||||||||||||||
Common Stock | Minimum | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Reverse stock split | 0.04 | ||||||||||||||||||||||
Common Stock | Maximum | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Reverse stock split | 0.50 | ||||||||||||||||||||||
Peter C. Georgiopoulos | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Warrants exercisable | 213,937 | ||||||||||||||||||||||
Additional disclosures | |||||||||||||||||||||||
Total fair value of shares vested | $ | $ 27,765,000 | ||||||||||||||||||||||
Peter C. Georgiopoulos | Minimum | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Exercise price per share | $ / shares | $ 259.10 | ||||||||||||||||||||||
Peter C. Georgiopoulos | Maximum | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Exercise price per share | $ / shares | $ 341.90 | ||||||||||||||||||||||
Peter C. Georgiopoulos | Separation and release agreement | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Severance payment | $ | $ 500,000 | ||||||||||||||||||||||
Restricted Stock | Peter C. Georgiopoulos | |||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Granted (in shares) | 68,581 | ||||||||||||||||||||||
Restricted Awards and Warrants | Peter C. Georgiopoulos | |||||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 5,317,000 | ||||||||||||||||||||||
2005 and 2012 GS&T Plans | Predecessor | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Number of anniversaries in which award vests | 4 years | ||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Balance at the beginning of the period (in shares) | 880,465 | 880,465 | |||||||||||||||||||||
Vested (in shares) | (880,465) | ||||||||||||||||||||||
Weighted Average Fair Value | |||||||||||||||||||||||
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 7.77 | $ 7.77 | |||||||||||||||||||||
Vested (in dollars per share) | $ / shares | $ 7.77 | ||||||||||||||||||||||
Additional disclosures | |||||||||||||||||||||||
Total fair value of shares vested | $ | $ 691,000 | ||||||||||||||||||||||
2005 and 2012 GS&T Plans | Predecessor | General and Administrative Expense. | |||||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 2,403,000 | ||||||||||||||||||||||
2005 and 2012 GS&T Plans | Predecessor | Peter C. Georgiopoulos | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Number of anniversaries in which award vests, which are not granted as part of grants to all directors | 10 years | ||||||||||||||||||||||
2005 GS&T Plan | Predecessor | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 2,000,000 | ||||||||||||||||||||||
2012 GS&T Plan | Predecessor | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 3,000,000 | ||||||||||||||||||||||
2014 MIP Plan | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 9,668,061 | 9,668,061 | |||||||||||||||||||||
Percentage of Common Stock outstanding ( In percent) | 1.80% | ||||||||||||||||||||||
Reverse stock splits (in shares) | 966,806 | ||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Balance at the beginning of the period (in shares) | 74,040 | 111,060 | |||||||||||||||||||||
Granted (in shares) | 111,060 | ||||||||||||||||||||||
Vested (in shares) | (64,785) | (37,020) | |||||||||||||||||||||
Balance at the end of the period (in shares) | 111,060 | 9,255 | 74,040 | 111,060 | |||||||||||||||||||
Weighted Average Fair Value | |||||||||||||||||||||||
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 200 | $ 200 | |||||||||||||||||||||
Granted (in dollars per share) | $ / shares | $ 200 | ||||||||||||||||||||||
Vested (in dollars per share) | $ / shares | 200 | 200 | |||||||||||||||||||||
Balance at the end of the period (in dollars per share) | $ / shares | $ 200 | $ 200 | $ 200 | $ 200 | |||||||||||||||||||
Additional disclosures | |||||||||||||||||||||||
Total fair value of shares vested | $ | $ 0 | $ 336,000 | $ 2,662,000 | ||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Unrecognized compensation cost | $ | $ 368,000 | ||||||||||||||||||||||
Weighted-average period for recognition of unrecognized compensation cost | 7 months 6 days | ||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 5,464,000 | $ 5,795,000 | $ 10,585,000 | ||||||||||||||||||||
2014 MIP Plan | Warrants | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Volatility rate ( as a percent) | 43.91% | ||||||||||||||||||||||
Volatility rate term | 6 years | ||||||||||||||||||||||
Risk-free interest rate ( as a percent) | 1.85% | ||||||||||||||||||||||
Dividend rate ( as a percent) | 0.00% | ||||||||||||||||||||||
Total fair value of outstanding awards upon emergence from bankruptcy | $ | $ 54,436,000 | ||||||||||||||||||||||
Percentage of warrant vest for anniversaries of the grant date | 33.33% | ||||||||||||||||||||||
Number of anniversaries in which award vests | 3 years | ||||||||||||||||||||||
Number of tiers of MIP Warrants | item | 3 | ||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Balance at the beginning of the period (in shares) | 5,704,974 | 8,557,461 | |||||||||||||||||||||
Granted (in shares) | 8,557,461 | ||||||||||||||||||||||
Exercisable (in shares) | (4,991,852) | (2,852,487) | |||||||||||||||||||||
Balance at the end of the period (in shares) | 8,557,461 | 713,122 | 5,704,974 | 8,557,461 | |||||||||||||||||||
Weighted Average Exercise price | |||||||||||||||||||||||
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 303.12 | $ 303.12 | |||||||||||||||||||||
Granted (in dollars per share) | $ / shares | $ 303.12 | ||||||||||||||||||||||
Exercisable (in dollars per share) | $ / shares | 303.12 | 303.12 | |||||||||||||||||||||
Outstanding at the end of the period (in dollars per share) | $ / shares | 303.12 | $ 303.12 | 303.12 | $ 303.12 | |||||||||||||||||||
Weighted-average remaining contractual life | 3 years 7 months 6 days | ||||||||||||||||||||||
Weighted Average Fair Value | |||||||||||||||||||||||
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 6.36 | 6.36 | |||||||||||||||||||||
Granted (in dollars per share) | $ / shares | 6.36 | ||||||||||||||||||||||
Exercisable (in dollars per share) | $ / shares | 6.36 | 6.36 | |||||||||||||||||||||
Balance at the end of the period (in dollars per share) | $ / shares | $ 6.36 | $ 6.36 | $ 6.36 | $ 6.36 | |||||||||||||||||||
Number of warrants | 7,844,339 | ||||||||||||||||||||||
Weighted average exercise price (in dollars per share) | 303.12 | ||||||||||||||||||||||
Weighted average remaining contractual life, exercisable | 3 years 7 months 6 days | ||||||||||||||||||||||
Exercisable (in dollars per share) | $ / shares | $ 303.12 | ||||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Unrecognized compensation cost | $ | $ 902,000 | ||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 13,390,000 | $ 14,203,000 | $ 25,941,000 | ||||||||||||||||||||
2014 MIP Plan | Warrants | $259.10 Warrants | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 2,380,664 | ||||||||||||||||||||||
Warrants exercisable | 238,066 | ||||||||||||||||||||||
Strike price (in dollars per share) | $ / shares | $ 259.10 | ||||||||||||||||||||||
Fair value of warrant (in dollars per share) | $ / shares | $ 7.22 | ||||||||||||||||||||||
2014 MIP Plan | Warrants | $287.30 Warrants | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 2,467,009 | ||||||||||||||||||||||
Warrants exercisable | 246,701 | ||||||||||||||||||||||
Strike price (in dollars per share) | $ / shares | $ 287.30 | ||||||||||||||||||||||
Fair value of warrant (in dollars per share) | $ / shares | $ 6.63 | ||||||||||||||||||||||
2014 MIP Plan | Warrants | $341.90 Warrants | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 3,709,788 | ||||||||||||||||||||||
Warrants exercisable | 370,979 | ||||||||||||||||||||||
Strike price (in dollars per share) | $ / shares | $ 341.90 | ||||||||||||||||||||||
Fair value of warrant (in dollars per share) | $ / shares | $ 5.63 | ||||||||||||||||||||||
2015 EIP Plan | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 400,000 | 4,000,000 | |||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards, reverse stock split | 400,000 | ||||||||||||||||||||||
2015 EIP Plan | Peter C. Georgiopoulos | |||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Granted (in shares) | 408,163 | ||||||||||||||||||||||
2015 EIP Plan | Restricted Stock Units | |||||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 405,000 | $ 337,000 | |||||||||||||||||||||
2015 EIP Plan | Restricted Stock Units | Board of Directors | |||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Balance at the beginning of the period (in shares) | 5,821 | ||||||||||||||||||||||
Granted (in shares) | 666,664 | 58,215 | 16,188 | 66,666 | 7,440 | ||||||||||||||||||
Vested (in shares) | (3,493) | (2,328) | (1,619) | 0 | (5,821) | (1,619) | |||||||||||||||||
Balance at the end of the period (in shares) | 66,666 | 5,821 | |||||||||||||||||||||
Vested shares before stock split (in shares) | 23,286 | ||||||||||||||||||||||
Vested, post stock reverse split (in shares) | 2,328 | ||||||||||||||||||||||
Number of common shares outstanding in respect of RSUs | 3,138 | 0 | |||||||||||||||||||||
Number of resignations from the Board of Directors | item | 2 | ||||||||||||||||||||||
Number of shares vested | 7,440 | ||||||||||||||||||||||
Weighted Average Grant Date Price, Vested | $ / shares | $ 71.18 | ||||||||||||||||||||||
Weighted Average Exercise price | |||||||||||||||||||||||
Weighted-average remaining contractual life | 4 months 17 days | ||||||||||||||||||||||
Weighted Average Fair Value | |||||||||||||||||||||||
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 71.50 | ||||||||||||||||||||||
Granted (in dollars per share) | $ / shares | 5.10 | $ 71.18 | |||||||||||||||||||||
Vested (in dollars per share) | $ / shares | 71.50 | 70 | |||||||||||||||||||||
Balance at the end of the period (in dollars per share) | $ / shares | $ 5.10 | $ 71.50 | |||||||||||||||||||||
Additional disclosures | |||||||||||||||||||||||
Total fair value of shares vested | $ | $ 30,000 | $ 116,000 | |||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Unrecognized compensation cost | $ | $ 128,000 | ||||||||||||||||||||||
Weighted-average period for recognition of unrecognized compensation cost | 4 months 17 days | ||||||||||||||||||||||
2015 EIP Plan | Restricted Stock | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Number of anniversaries in which award vests | 3 years | ||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Granted (in shares) | 61,224 | ||||||||||||||||||||||
Vested (in shares) | (47,619) | ||||||||||||||||||||||
Balance at the end of the period (in shares) | 13,605 | ||||||||||||||||||||||
Weighted Average Fair Value | |||||||||||||||||||||||
Granted (in dollars per share) | $ / shares | $ 5.20 | ||||||||||||||||||||||
Vested (in dollars per share) | $ / shares | 5.20 | ||||||||||||||||||||||
Balance at the end of the period (in dollars per share) | $ / shares | $ 5.20 | ||||||||||||||||||||||
Additional disclosures | |||||||||||||||||||||||
Total fair value of shares vested | $ | $ 0 | $ 285,000 | $ 0 | ||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Unrecognized compensation cost | $ | $ 42,000 | ||||||||||||||||||||||
Weighted-average period for recognition of unrecognized compensation cost | 1 year 10 months 13 days | ||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 277,000 | ||||||||||||||||||||||
2015 EIP Plan | Restricted Stock | Peter C. Georgiopoulos | |||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Vested (in shares) | (40,816) | ||||||||||||||||||||||
Baltic Trading Plan | Baltic Trading | |||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Balance at the beginning of the period (in shares) | 1,381,429 | 1,941,844 | 1,381,429 | ||||||||||||||||||||
Granted (in shares) | 1,086,345 | ||||||||||||||||||||||
Vested (in shares) | (1,941,844) | (1,941,844) | (525,930) | ||||||||||||||||||||
Balance at the end of the period (in shares) | 1,941,844 | 1,941,844 | |||||||||||||||||||||
Weighted Average Fair Value | |||||||||||||||||||||||
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 6.03 | $ 3.80 | $ 6.03 | ||||||||||||||||||||
Granted (in dollars per share) | $ / shares | 2.61 | ||||||||||||||||||||||
Vested (in dollars per share) | $ / shares | $ 3.80 | 7.21 | |||||||||||||||||||||
Balance at the end of the period (in dollars per share) | $ / shares | $ 3.80 | $ 3.80 | |||||||||||||||||||||
Additional disclosures | |||||||||||||||||||||||
Total fair value of shares vested | $ | $ 1,168,000 | $ 2,913,000 | |||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Number of anniversaries in which award vests in connection with IPO | item | 4 | ||||||||||||||||||||||
Number of anniversaries in which award vests not in connection with IPO | item | 4 | ||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 1,551,000 | $ 5,273,000 | |||||||||||||||||||||
Baltic Trading Plan | Peter C. Georgiopoulos | Baltic Trading | |||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Granted (in shares) | 700,000 | ||||||||||||||||||||||
Baltic Trading Plan | Predecessor | Baltic Trading | |||||||||||||||||||||||
Nonvested Stock Awards | |||||||||||||||||||||||
Aggregate number of shares of common stock available for awards | 6,000,000 | 2,000,000 | |||||||||||||||||||||
Additional disclosures | |||||||||||||||||||||||
Total fair value of shares vested | $ | $ 1,143,000 | ||||||||||||||||||||||
Unrecognized compensation cost related to nonvested stock awards | |||||||||||||||||||||||
Recognized nonvested stock amortization expense | $ | $ 1,949,000 | ||||||||||||||||||||||
Baltic Trading Plan | Predecessor | Board of Directors | Baltic Trading | |||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
Granted (in shares) | 36,345 |
LEGAL PROCEEDINGS - Dispute (De
LEGAL PROCEEDINGS - Dispute (Details) $ in Thousands | Mar. 28, 2014item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 03, 2014USD ($) | Jan. 01, 2014USD ($) | Aug. 01, 2012USD ($) | Dec. 21, 2011USD ($) | Aug. 20, 2010USD ($) |
Predecessor | ||||||||
Line of Credit Facility | ||||||||
Number of vessels in dispute | item | 1 | |||||||
Cash collateralized bank guarantee | $ 900 | |||||||
Secured Debt | $253 Million Term Loan Facility | ||||||||
Line of Credit Facility | ||||||||
Face amount of term loan facility | $ 253,000 | $ 253,000 | ||||||
Secured Debt | $253 Million Term Loan Facility | Predecessor | ||||||||
Line of Credit Facility | ||||||||
Face amount of term loan facility | $ 253,000 | $ 253,000 | $ 253,000 | $ 253,000 |
LEGAL PROCEEDINGS - Claims and
LEGAL PROCEEDINGS - Claims and Complaints (Details) - complaint | May 26, 2015 | Apr. 30, 2015 |
LEGAL PROCEEDINGS | ||
Number of claims filed | 6 | |
Number of complaints consolidated | 6 |
RESTATEMENT OF CONSOLIDATED 109
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY - Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 09, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |||||||||||||
Loss before reorganization items, net | $ (210,771) | $ (216,776) | $ (251,462) | ||||||||||
Reorganization items, net | (1,591) | (272) | (1,085) | ||||||||||
Loss before income taxes | (212,362) | (217,048) | (252,547) | ||||||||||
Income tax expense | (996) | (709) | (1,821) | ||||||||||
Net (loss) income | $ (25,104) | $ (27,514) | $ (110,653) | $ (54,483) | $ (49,498) | $ (73,803) | $ (51,952) | $ (79,115) | (213,358) | (217,757) | (254,368) | ||
Less: Net loss attributable to noncontrolling interest | (7,178) | (11,620) | (40,673) | (31,064) | (59,471) | ||||||||
Net loss attributable to Genco Shipping & Trading Limited | $ (25,104) | $ (27,514) | $ (110,653) | $ (54,483) | $ (49,498) | $ (66,625) | $ (40,332) | $ (38,442) | $ (182,294) | $ (217,757) | $ (194,897) | ||
Net (loss) income per share-basic | $ (3.43) | $ (3.80) | $ (15.32) | $ (7.55) | $ (6.86) | $ (9.54) | $ (6.67) | $ (6.36) | $ (30.20) | $ (30.03) | $ (29.61) | ||
Net (loss) income per share-diluted | $ (3.43) | $ (3.80) | $ (15.32) | $ (7.55) | $ (6.86) | $ (9.54) | $ (6.67) | $ (6.36) | $ (30.20) | $ (30.03) | $ (29.61) | ||
Weighted average common shares outstanding - Basic | 7,318,452 | 7,245,268 | 7,221,735 | 7,218,795 | 7,217,404 | 6,982,434 | 6,048,719 | 6,043,078 | 6,036,051 | 7,251,231 | 6,583,163 | ||
Weighted average common shares outstanding-diluted | 7,318,452 | 7,245,268 | 7,221,735 | 7,218,795 | 7,217,404 | 6,982,434 | 6,048,719 | 6,043,078 | 6,036,051 | 7,251,231 | 6,583,163 | ||
Recording of goodwill in fresh-start accounting | $ 166,067 | $ 166,067 | |||||||||||
Total | $ (1,591) | $ (272) | $ (1,085) | ||||||||||
Predecessor | |||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |||||||||||||
Loss before reorganization items, net | (96,795) | ||||||||||||
Reorganization items, net | (915,640) | ||||||||||||
Loss before income taxes | (1,012,435) | ||||||||||||
Income tax expense | (815) | ||||||||||||
Net (loss) income | (1,013,250) | ||||||||||||
Less: Net loss attributable to noncontrolling interest | (62,101) | ||||||||||||
Net loss attributable to Genco Shipping & Trading Limited | $ (951,149) | ||||||||||||
Net (loss) income per share-basic | $ (21.83) | ||||||||||||
Net (loss) income per share-diluted | $ (21.83) | ||||||||||||
Weighted average common shares outstanding - Basic | 43,568,942 | ||||||||||||
Weighted average common shares outstanding-diluted | 43,568,942 | ||||||||||||
Issuance of Successor equity | $ (1,133,900) | ||||||||||||
Total | (915,640) | ||||||||||||
As Reported | Predecessor | |||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |||||||||||||
Loss before reorganization items, net | (96,795) | ||||||||||||
Reorganization items, net | 882,167 | ||||||||||||
Loss before income taxes | 785,372 | ||||||||||||
Income tax expense | (815) | ||||||||||||
Net (loss) income | 784,557 | ||||||||||||
Less: Net loss attributable to noncontrolling interest | (8,734) | ||||||||||||
Net loss attributable to Genco Shipping & Trading Limited | $ 793,291 | ||||||||||||
Net (loss) income per share-basic | $ 18.21 | ||||||||||||
Net (loss) income per share-diluted | $ 18.21 | ||||||||||||
Weighted average common shares outstanding - Basic | 43,568,942 | ||||||||||||
Weighted average common shares outstanding-diluted | 43,568,942 | ||||||||||||
Total | $ 882,167 | ||||||||||||
Adjustment | Predecessor | |||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |||||||||||||
Reorganization items, net | (1,797,807) | (1,797,807) | |||||||||||
Loss before income taxes | (1,797,807) | ||||||||||||
Net (loss) income | (1,797,807) | ||||||||||||
Less: Net loss attributable to noncontrolling interest | (53,367) | ||||||||||||
Net loss attributable to Genco Shipping & Trading Limited | (1,744,440) | ||||||||||||
Discharge of Predecessor equity | (829,974) | (829,974) | |||||||||||
Issuance of Successor equity | (1,133,900) | ||||||||||||
Recording of goodwill in fresh-start accounting | 166,067 | 166,067 | |||||||||||
Total | $ (1,797,807) | $ (1,797,807) |
RESTATEMENT OF CONSOLIDATED 110
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY - Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | ||||||||||||
Net (loss) income | $ (25,104) | $ (27,514) | $ (110,653) | $ (54,483) | $ (49,498) | $ (73,803) | $ (51,952) | $ (79,115) | $ (213,358) | $ (217,757) | $ (254,368) | |
Change in unrealized gain/loss on investments | (25,317) | 21 | 25,296 | |||||||||
Other comprehensive income | (25,317) | 21 | 25,296 | |||||||||
Comprehensive loss | (238,675) | (217,736) | (229,072) | |||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (31,064) | (59,471) | ||||||||||
Comprehensive loss attributable to Genco Shipping & Trading Limited | $ (207,611) | $ (217,736) | $ (169,601) | |||||||||
Predecessor | ||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | ||||||||||||
Net (loss) income | $ (1,013,250) | |||||||||||
Change in unrealized gain/loss on investments | (25,766) | |||||||||||
Unrealized gain on cash flow hedges, net | 2,401 | |||||||||||
Other comprehensive income | (23,365) | |||||||||||
Comprehensive loss | (1,036,615) | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (62,101) | |||||||||||
Comprehensive loss attributable to Genco Shipping & Trading Limited | (974,514) | |||||||||||
As Reported | Predecessor | ||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | ||||||||||||
Net (loss) income | 784,557 | |||||||||||
Change in unrealized gain/loss on investments | (25,766) | |||||||||||
Unrealized gain on cash flow hedges, net | 2,401 | |||||||||||
Other comprehensive income | (23,365) | |||||||||||
Comprehensive loss | 761,192 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (8,734) | |||||||||||
Comprehensive loss attributable to Genco Shipping & Trading Limited | 769,926 | |||||||||||
Adjustment | Predecessor | ||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | ||||||||||||
Net (loss) income | (1,797,807) | |||||||||||
Other comprehensive income | 0 | |||||||||||
Comprehensive loss | (1,797,807) | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (53,367) | |||||||||||
Comprehensive loss attributable to Genco Shipping & Trading Limited | $ (1,744,440) |
RESTATEMENT OF CONSOLIDATED 111
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY - Debt Discharge and Equity Issuance (Details) $ in Thousands | Jul. 09, 2014USD ($) |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract | |
Cash and cash equivalents | $ 136,077 |
Restricted cash | 9,975 |
Due from charterers, net | 13,194 |
Prepaid expenses and other current assets | 30,759 |
Time charters acquired | 450 |
Total current assets | 190,455 |
Noncurrent assets: | |
Vessels, net | 1,538,849 |
Deposits on vessels | 30,975 |
Deferred drydock, net | 188 |
Deferred financing costs, net | 7,060 |
Fixed assets, net | 610 |
Other noncurrent assets | 514 |
Restricted cash | 300 |
Investments | 51,804 |
Goodwill | 166,067 |
Total non current assets | 1,796,367 |
Total assets | 1,986,822 |
Current liabilities not subject to compromise: | |
Accounts payable and accrued expenses | 65,725 |
Current portion of long-term debt | 32,242 |
Deferred revenue | 997 |
Total current liabilities not subject to compromise | 98,964 |
Noncurrent liabilities not subject to compromise: | |
Long-term debt | 375,789 |
Total noncurrent liabilities not subject to compromises | 375,789 |
Total liabilities | 474,753 |
Equity: | |
Common stock | 603 |
Additional paid-in capital | 1,232,397 |
Total Genco Shipping & Trading Limited shareholders’ equity | 1,233,000 |
Noncontrolling interest | 279,069 |
Total equity | 1,512,069 |
Total liabilities and equity | 1,986,822 |
Debt Discharge and Equity Issuance | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract | |
Cash and cash equivalents | 87,526 |
Total current assets | 87,526 |
Noncurrent assets: | |
Deferred financing costs, net | (11,893) |
Total non current assets | (11,893) |
Total assets | 75,633 |
Current liabilities not subject to compromise: | |
Accounts payable and accrued expenses | (1,086) |
Total current liabilities not subject to compromise | (1,086) |
Noncurrent liabilities not subject to compromise: | |
Total liabilities subject to compromise | (1,194,687) |
Total liabilities | (1,195,773) |
Equity: | |
Common stock | 603 |
Additional paid-in capital | 1,232,397 |
Accumulated other comprehensive income | (30,357) |
Retained (deficit) earnings | 918,338 |
Total Genco Shipping & Trading Limited shareholders’ equity | 1,271,406 |
Total equity | 1,271,406 |
Total liabilities and equity | 75,633 |
Revaluation Of Assets And Liabilities | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract | |
Prepaid expenses and other current assets | (41) |
Time charters acquired | 450 |
Total current assets | 409 |
Noncurrent assets: | |
Vessels, net | (1,065,882) |
Deposits on vessels | 2,317 |
Deferred drydock, net | (16,396) |
Fixed assets, net | (3,443) |
Goodwill | 166,067 |
Total non current assets | (917,337) |
Total assets | (916,928) |
Current liabilities not subject to compromise: | |
Time charters acquired | (16) |
Total current liabilities not subject to compromise | (16) |
Noncurrent liabilities not subject to compromise: | |
Long-term lease obligations | (2,670) |
Total noncurrent liabilities not subject to compromises | (2,670) |
Total liabilities | (2,686) |
Equity: | |
Retained (deficit) earnings | (860,875) |
Total Genco Shipping & Trading Limited shareholders’ equity | (860,875) |
Noncontrolling interest | (53,367) |
Total equity | (914,242) |
Total liabilities and equity | (916,928) |
Predecessor | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract | |
Cash and cash equivalents | 48,551 |
Restricted cash | 9,975 |
Due from charterers, net | 13,194 |
Prepaid expenses and other current assets | 30,800 |
Total current assets | 102,520 |
Noncurrent assets: | |
Vessels, net | 2,604,731 |
Deposits on vessels | 28,658 |
Deferred drydock, net | 16,584 |
Deferred financing costs, net | 18,953 |
Fixed assets, net | 4,053 |
Other noncurrent assets | 514 |
Restricted cash | 300 |
Investments | 51,804 |
Total non current assets | 2,725,597 |
Total assets | 2,828,117 |
Current liabilities not subject to compromise: | |
Accounts payable and accrued expenses | 60,333 |
Current portion of long-term debt | 4,250 |
Deferred revenue | 997 |
Time charters acquired | 16 |
Total current liabilities not subject to compromise | 65,596 |
Noncurrent liabilities not subject to compromise: | |
Long-term lease obligations | 2,670 |
Long-term debt | 161,500 |
Total noncurrent liabilities not subject to compromises | 164,170 |
Total liabilities subject to compromise | 1,443,446 |
Total liabilities | 1,673,212 |
Equity: | |
Common stock | 445 |
Additional paid-in capital | 849,130 |
Accumulated other comprehensive income | 30,357 |
Retained (deficit) earnings | (57,463) |
Total Genco Shipping & Trading Limited shareholders’ equity | 822,469 |
Noncontrolling interest | 332,436 |
Total equity | 1,154,905 |
Total liabilities and equity | 2,828,117 |
Predecessor | Debt Discharge and Equity Issuance | |
Equity: | |
Common stock | (445) |
Additional paid-in capital | (849,130) |
Predecessor | Revaluation Of Assets And Liabilities | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract | |
Prepaid expenses and other current assets | 179 |
Time charters acquired | 434 |
As Reported | Debt Discharge and Equity Issuance | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract | |
Cash and cash equivalents | 87,526 |
Total current assets | 87,526 |
Noncurrent assets: | |
Deferred financing costs, net | (11,893) |
Total non current assets | (11,893) |
Total assets | 75,633 |
Current liabilities not subject to compromise: | |
Accounts payable and accrued expenses | (1,086) |
Total current liabilities not subject to compromise | (1,086) |
Noncurrent liabilities not subject to compromise: | |
Total liabilities subject to compromise | (1,194,687) |
Total liabilities | (1,195,773) |
Equity: | |
Common stock | 603 |
Additional paid-in capital | 1,232,397 |
Accumulated other comprehensive income | 4,574 |
Retained (deficit) earnings | 936,774 |
Total Genco Shipping & Trading Limited shareholders’ equity | 1,324,773 |
Noncontrolling interest | (53,367) |
Total equity | 1,271,406 |
Total liabilities and equity | 75,633 |
As Reported | Revaluation Of Assets And Liabilities | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets Abstract | |
Prepaid expenses and other current assets | (41) |
Time charters acquired | 450 |
Total current assets | 409 |
Noncurrent assets: | |
Vessels, net | (1,065,882) |
Deposits on vessels | 2,317 |
Deferred drydock, net | (16,396) |
Fixed assets, net | (3,443) |
Goodwill | 166,067 |
Total non current assets | (917,337) |
Total assets | (916,928) |
Current liabilities not subject to compromise: | |
Time charters acquired | (16) |
Total current liabilities not subject to compromise | (16) |
Noncurrent liabilities not subject to compromise: | |
Long-term lease obligations | (2,670) |
Total noncurrent liabilities not subject to compromises | (2,670) |
Total liabilities | (2,686) |
Equity: | |
Accumulated other comprehensive income | (34,931) |
Retained (deficit) earnings | (879,311) |
Total Genco Shipping & Trading Limited shareholders’ equity | (914,242) |
Total equity | (914,242) |
Total liabilities and equity | (916,928) |
As Reported | Predecessor | Debt Discharge and Equity Issuance | |
Equity: | |
Common stock | (445) |
Additional paid-in capital | (849,130) |
Adjustment | Debt Discharge and Equity Issuance | |
Equity: | |
Accumulated other comprehensive income | (34,931) |
Retained (deficit) earnings | (18,436) |
Total Genco Shipping & Trading Limited shareholders’ equity | (53,367) |
Noncontrolling interest | 53,367 |
Adjustment | Revaluation Of Assets And Liabilities | |
Equity: | |
Accumulated other comprehensive income | 34,931 |
Retained (deficit) earnings | 18,436 |
Total Genco Shipping & Trading Limited shareholders’ equity | 53,367 |
Noncontrolling interest | (53,367) |
Adjustment | Predecessor | |
Noncurrent assets: | |
Goodwill | $ 166,067 |
RESTATEMENT OF CONSOLIDATING112
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE SUCCESSOR COMPANY (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 07, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 09, 2014 |
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |||||||||||||
Net loss attributable to GS&T | $ 25,104 | $ 27,514 | $ 110,653 | $ 54,483 | $ 49,498 | $ 66,625 | $ 40,332 | $ 38,442 | $ 182,294 | $ 217,757 | $ 194,897 | ||
Net loss per share - basic and diluted | $ 30.20 | $ 3.02 | |||||||||||
Net loss attributable to noncontrolling interest | 7,178 | 11,620 | 40,673 | $ 31,064 | 59,471 | ||||||||
Net loss | 25,104 | $ 27,514 | $ 110,653 | $ 54,483 | 49,498 | $ 73,803 | $ 51,952 | $ 79,115 | 213,358 | 217,757 | 254,368 | ||
GS&T shareholders' equity | 1,044,201 | ||||||||||||
Noncontrolling interest | 248,573 | ||||||||||||
Total equity | $ 1,029,699 | $ 1,105,966 | 1,292,774 | $ 1,029,699 | $ 1,105,966 | $ 1,512,069 | |||||||
Previously reported | |||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |||||||||||||
Net loss attributable to GS&T | $ 204,117 | ||||||||||||
Net loss per share - basic and diluted | $ 3.38 | ||||||||||||
Net loss attributable to noncontrolling interest | $ 9,241 | ||||||||||||
GS&T shareholders' equity | 1,022,378 | ||||||||||||
Noncontrolling interest | 270,396 | ||||||||||||
Restatement Adjustment | |||||||||||||
RESTATEMENT OF CONSOLIDATING FINANCIAL STATEMENTS OF THE PREDECESSOR COMPANY | |||||||||||||
Net loss attributable to GS&T | (21,823) | ||||||||||||
Net loss attributable to noncontrolling interest | 21,823 | ||||||||||||
GS&T shareholders' equity | 21,823 | ||||||||||||
Noncontrolling interest | $ (21,823) |
UNAUDITED QUARTERLY RESULTS 113
UNAUDITED QUARTERLY RESULTS OF OPERATIONS (Details) $ / shares in Units, $ in Thousands | Jul. 07, 2016 | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | ||||||||||||
Reverse stock split | 0.1 | |||||||||||
Impairment of investment | $ 32,536 | $ 0 | $ 69,278 | $ 39,893 | ||||||||
Voyage revenues | $ 43,785 | $ 37,871 | $ 31,460 | $ 20,131 | $ 34,236 | 49,167 | $ 33,772 | $ 33,609 | 98,817 | 133,246 | 150,784 | |
Operating loss | (18,634) | (20,115) | (100,766) | (46,960) | (37,616) | (35,294) | (46,194) | (73,763) | (203,233) | (186,476) | (192,867) | |
Net loss | (25,104) | (27,514) | (110,653) | (54,483) | (49,498) | (73,803) | (51,952) | (79,115) | (213,358) | (217,757) | (254,368) | |
Net loss attributable to noncontrolling interest | (7,178) | (11,620) | (40,673) | (31,064) | (59,471) | |||||||
Net loss attributable to Genco Shipping& Trading Limited | $ (25,104) | $ (27,514) | $ (110,653) | $ (54,483) | $ (49,498) | $ (66,625) | $ (40,332) | $ (38,442) | $ (182,294) | $ (217,757) | $ (194,897) | |
Net loss per share-basic | $ / shares | $ (3.43) | $ (3.80) | $ (15.32) | $ (7.55) | $ (6.86) | $ (9.54) | $ (6.67) | $ (6.36) | $ (30.20) | $ (30.03) | $ (29.61) | |
Net loss per share-diluted | $ / shares | $ (3.43) | $ (3.80) | $ (15.32) | $ (7.55) | $ (6.86) | $ (9.54) | $ (6.67) | $ (6.36) | $ (30.20) | $ (30.03) | $ (29.61) | |
Weighted average common shares outstanding, basic (in shares) | shares | 7,318,452 | 7,245,268 | 7,221,735 | 7,218,795 | 7,217,404 | 6,982,434 | 6,048,719 | 6,043,078 | 6,036,051 | 7,251,231 | 6,583,163 | |
Weighted average common shares outstanding - Diluted | shares | 7,318,452 | 7,245,268 | 7,221,735 | 7,218,795 | 7,217,404 | 6,982,434 | 6,048,719 | 6,043,078 | 6,036,051 | 7,251,231 | 6,583,163 | |
Common Stock | ||||||||||||
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | ||||||||||||
Reverse stock split | 0.1 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 15, 2017 | Mar. 23, 2017 | Mar. 19, 2017 | Feb. 16, 2017 | Feb. 09, 2017 | Jan. 09, 2017 | Jan. 04, 2017 | May 18, 2016 | Feb. 17, 2016 | Jul. 29, 2015 | Jul. 13, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 26, 2015 |
Series A Preferred Stock | ||||||||||||||
Subsequent Events | ||||||||||||||
Preferred stock par value | $ 0.01 | $ 0.01 | ||||||||||||
2015 EIP Plan | ||||||||||||||
Subsequent Events | ||||||||||||||
Aggregate number of shares of common stock available for awards | 400,000 | 4,000,000 | ||||||||||||
Board of Directors | 2015 EIP Plan | Restricted Stock Units | ||||||||||||||
Subsequent Events | ||||||||||||||
Granted (in shares) | 666,664 | 58,215 | 16,188 | 66,666 | 7,440 | |||||||||
John C. Wobensmith | 2015 EIP Plan | ||||||||||||||
Subsequent Events | ||||||||||||||
Granted (in shares) | 204,081 | |||||||||||||
John C. Wobensmith | Amended Employment Agreement | Restricted Stock Units | ||||||||||||||
Subsequent Events | ||||||||||||||
Granted (in shares) | 292,398 | |||||||||||||
Subsequent event | Series A Preferred Stock | ||||||||||||||
Subsequent Events | ||||||||||||||
Preferred stock par value | $ 0.01 | |||||||||||||
Preferred stock outstanding (in shares) | 27,061,856 | |||||||||||||
Common stock authorized for conversion of preferred stock | 27,061,856 | |||||||||||||
Preferred stock converted into common stock | 27,061,856 | |||||||||||||
Subsequent event | Amended And Restated 2015 Plan | ||||||||||||||
Subsequent Events | ||||||||||||||
Aggregate number of shares of common stock available for awards | 2,750,000 | |||||||||||||
Subsequent event | John C. Wobensmith | Amended Employment Agreement | ||||||||||||||
Subsequent Events | ||||||||||||||
Cash bonus for 2016 | $ 600 | |||||||||||||
Vesting percentage of awards | 33.00% | |||||||||||||
Vesting period of awards | 3 years | |||||||||||||
Subsequent event | John C. Wobensmith | Amended Employment Agreement | Equity Option | ||||||||||||||
Subsequent Events | ||||||||||||||
Options to purchase (in shares) | 133,000 | |||||||||||||
Exercise price (in dollars per share) | $ 11.13 | |||||||||||||
Subsequent event | Nonemployee Directors | Amended And Restated 2015 Plan | ||||||||||||||
Subsequent Events | ||||||||||||||
Maximum annual limit for grants (in shares) | 500,000 | |||||||||||||
Subsequent event | Other Individuals | Amended And Restated 2015 Plan | ||||||||||||||
Subsequent Events | ||||||||||||||
Maximum annual limit for grants (in shares) | 1,000,000 | |||||||||||||
Subsequent event | Genco Carrier | ||||||||||||||
Subsequent Events | ||||||||||||||
Sale of assets | $ 3,560 | |||||||||||||
Brokerage commission | $ 92 | |||||||||||||
Subsequent event | Genco Reliance | ||||||||||||||
Subsequent Events | ||||||||||||||
Sale of assets | $ 3,500 | |||||||||||||
Broker commission (as a percent) | 3.50% | |||||||||||||
Subsequent event | Genco Wisdom | ||||||||||||||
Subsequent Events | ||||||||||||||
Sale of assets | $ 3,250 | |||||||||||||
Broker commission (as a percent) | 3.50% | |||||||||||||
Subsequent event | Forecast | Genco Prosperity | Board of Directors | ||||||||||||||
Subsequent Events | ||||||||||||||
Sale of assets | $ 3,050 | |||||||||||||
Broker commission (as a percent) | 3.50% | |||||||||||||
Subsequent event | Forecast | Genco Success | Board of Directors | ||||||||||||||
Subsequent Events | ||||||||||||||
Sale of assets | $ 2,800 | |||||||||||||
Broker commission (as a percent) | 3.00% |