GENERAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2016

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	$	48,551	$	87,526	$	—	$	—	$	136,077
Restricted cash		9,975		—		—		—		9,975
Due from charterers, net		13,194		—		—		—		13,194
Prepaid expenses and other current assets		30,800		—		—		(41)		30,759
Time charters acquired		—		—		—		450		450
Total current assets		102,520		87,526		—		409		190,455

Noncurrent assets:
Vessels, net		2,604,731		—		—		(1,065,882)		1,538,849
Deposits on vessels		28,658		—		—		2,317		30,975
Deferred drydock, net		16,584		—		—		(16,396)		188
Deferred financing costs, net		18,953		(11,893)		—		—		7,060
Fixed assets, net		4,053		—		—		(3,443)		610
Other noncurrent assets		514		—		—		—		514
Restricted cash		300		—		—		—		300
Investments		51,804		—		—		—		51,804
Goodwill		—		—		—		166,067		166,067
Total noncurrent assets		2,725,597		(11,893)		—		(917,337)		1,796,367

Total assets	$	2,828,117	$	75,633	$	—	$	(916,928)	$	1,986,822

Liabilities and Equity
Current liabilities not subject to compromise:
Accounts payable and accrued expenses	$	60,333	$	(1,086)	$	6,478	$	—	$	65,725
Current portion of long-term debt		4,250		—		27,992		—		32,242
Deferred revenue		997		—		—		—		997
Time charters acquired		16		—		—		(16)		—
Total current liabilities not subject to compromise		65,596		(1,086)		34,470		(16)		98,964

Noncurrent liabilities not subject to compromise:
Long-term lease obligations		2,670		—		—		(2,670)		—
Long-term debt		161,500		—		214,289		—		375,789
Total noncurrent liabilities not subject to compromises		164,170		—		214,289		(2,670)		375,789

Total liabilities subject to compromise		1,443,446		(1,194,687)		(248,759)		—		—

Total liabilities		1,673,212		(1,195,773)		—		(2,686)		474,753

Equity:
Genco Shipping & Trading Limited shareholders’ equity:
Predecessor Common stock		445		(445)		—		—		—
Predecessor Additional paid-in capital		849,130		(849,130)		—		—		—
Successor Common stock		—		603		—		—		603
Successor Additional paid-in capital		—		1,232,397		—		—		1,232,397
Accumulated other comprehensive income		30,357		(30,357)		—		—		—
Retained (deficit) earnings		(57,463)		918,338		—		(860,875)		—
Total Genco Shipping & Trading Limited shareholders’ equity		822,469		1,271,406		—		(860,875)		1,233,000
Noncontrolling interest		332,436		—		—		(53,367)		279,069
Total equity		1,154,905		1,271,406		—		(914,242)		1,512,069

Total liabilities and equity	$	2,828,117	$	75,633	$	—	$	(916,928)	$	1,986,822

(a)

Debt Discharge and Equity Issuance — this column reflects the following adjustments pursuant to the Plan:

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	$	1,055,912
Discharge of the long-term interest payable due pursuant to the 2007 Credit Facility		13,199
Discharge of the 2010 Notes liability		117,473
Discharge of coupon interest on the 2010 Notes liability		1,105
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

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.

The reclassification to retained (deficit) earnings of $34,931 related to the gain associated with the Company’s investments.

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.

The reclassification to retained (deficit) earnings of the Predecessor common stock of $445 and Predecessor additional paid in capital of $849,130.

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	$	1,133,000
Proceeds of rights offering		100,000	$	1,233,000
Estimated fair value of debt
Current portion of long-term debt		32,242
Long term debt		375,789		408,031
Estimated fair value of non-debt liabilities
Deferred revenue		997
Accounts payable and accrued expenses		65,725		66,722

Noncontrolling interest				279,069

Reorganization value of assets				1,986,822

Estimated fair value of assets (excluding goodwill) (a)				(1,820,755)

Reorganization value of assets in excess of fair value — goodwill			$	166,067

(a)

Estimated fair value of assets (excluding goodwill) consists of:


Total current assets	$	190,455
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
Total assets excluding goodwill	$	1,820,755

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	$	1,055,912
Discharge of the long-term interest payable due pursuant to the 2007 Credit Facility		13,199
Discharge of the 2010 Notes liability		117,473
Discharge of coupon interest on the 2010 Notes liability		1,105
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

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	$	1,133,000
Proceeds of rights offering		100,000	$	1,233,000
Estimated fair value of debt
Current portion of long-term debt		32,242
Long term debt		375,789		408,031
Estimated fair value of non-debt liabilities
Deferred revenue		997
Accounts payable and accrued expenses		65,725		66,722

Noncontrolling interest				279,069

Reorganization value of assets				1,986,822

Estimated fair value of assets (excluding goodwill) (a)				(1,820,755)

Reorganization value of assets in excess of fair value — goodwill			$	166,067

(a)

Estimated fair value of assets (excluding goodwill) consists of:


Total current assets	$	190,455
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
Total assets excluding goodwill	$	1,820,755

Schedule of estimated fair value of assets excluding goodwill


Total current assets	$	190,455
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
Total assets excluding goodwill	$	1,820,755

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	29,952	12/6/04		1999
Genco Vigour Limited	Genco Vigour	73,941	12/15/04		1999
Genco Explorer Limited	Genco Explorer	29,952	12/17/04		1999
Genco Carrier Limited	Genco Carrier	47,180	12/28/04		1998
Genco Progress Limited	Genco Progress	29,952	1/12/05		1999
Genco Wisdom Limited	Genco Wisdom	47,180	1/13/05		1997
Genco Success Limited	Genco Success	47,186	1/31/05		1997
Genco Beauty Limited	Genco Beauty	73,941	2/7/05		1999
Genco Knight Limited	Genco Knight	73,941	2/16/05		1999
Genco Prosperity Limited	Genco Prosperity	47,180	4/4/05		1997
Genco Muse Limited	Genco Muse	48,913	10/14/05		2001
Genco Surprise Limited	Genco Surprise	72,495	11/17/06		1998
Genco Augustus Limited	Genco Augustus	180,151	8/17/07		2007
Genco Tiberius Limited	Genco Tiberius	175,874	8/28/07		2007
Genco London Limited	Genco London	177,833	9/28/07		2007
Genco Titus Limited	Genco Titus	177,729	11/15/07		2007
Genco Challenger Limited	Genco Challenger	28,428	12/14/07		2003
Genco Charger Limited	Genco Charger	28,398	12/14/07		2005
Genco Warrior Limited	Genco Warrior	55,435	12/17/07		2005
Genco Predator Limited	Genco Predator	55,407	12/20/07		2005
Genco Hunter Limited	Genco Hunter	58,729	12/20/07		2007
Genco Champion Limited	Genco Champion	28,445	1/2/08		2006
Genco Constantine Limited	Genco Constantine	180,183	2/21/08		2008
Genco Raptor LLC	Genco Raptor	76,499	6/23/08		2007
Genco Cavalier LLC	Genco Cavalier	53,617	7/17/08		2007
Genco Thunder LLC	Genco Thunder	76,588	9/25/08		2007
Genco Hadrian Limited	Genco Hadrian	169,694	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,025	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,025	12/30/09		2010
Genco Bay Limited	Genco Bay	34,296	8/24/10		2010
Genco Ocean Limited	Genco Ocean	34,409	7/26/10		2010
Genco Avra Limited	Genco Avra	34,391	5/12/11		2011
Genco Mare Limited	Genco Mare	34,428	7/20/11		2011
Genco Spirit Limited	Genco Spirit	34,432	11/10/11		2011
Genco Aquitaine Limited	Genco Aquitaine	57,981	8/18/10		2009
Genco Ardennes Limited	Genco Ardennes	57,981	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	57,981	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	57,981	8/24/10		2010
Genco Brittany Limited	Genco Brittany	57,981	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	57,981	9/29/10		2010
Genco Loire Limited	Genco Loire	53,416	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,416	7/29/10		2009
Genco Normandy Limited	Genco Normandy	53,596	8/10/10		2007
Genco Picardy Limited	Genco Picardy	55,257	8/16/10		2005
Genco Provence Limited	Genco Provence	55,317	8/23/10		2004
Genco Pyrenees Limited	Genco Pyrenees	57,981	8/10/10		2010
Genco Rhone Limited	Genco Rhone	58,018	3/29/11		2011
Baltic Lion Limited	Baltic Lion	179,185	4/8/15	(1)	2012
Baltic Tiger Limited	Genco Tiger	179,185	4/8/15	(1)	2011
Baltic Leopard Limited	Baltic Leopard	53,447	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,351	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,474	5/14/10	(2)	2009
Baltic Bear Limited	Baltic Bear	177,717	5/14/10	(2)	2010
Baltic Wolf Limited	Baltic Wolf	177,752	10/14/10	(2)	2010
Baltic Wind Limited	Baltic Wind	34,409	8/4/10	(2)	2009
Baltic Cove Limited	Baltic Cove	34,403	8/23/10	(2)	2010
Baltic Breeze Limited	Baltic Breeze	34,386	10/12/10	(2)	2010
Baltic Fox Limited	Baltic Fox	31,883	9/6/13	(2)	2010
Baltic Hare Limited	Baltic Hare	31,887	9/5/13	(2)	2009
Baltic Hornet Limited	Baltic Hornet	63,574	10/29/14	(2)	2014
Baltic Wasp Limited	Baltic Wasp	63,389	1/2/15	(2)	2015
Baltic Scorpion Limited	Baltic Scorpion	63,462	8/6/15		2015
Baltic Mantis Limited	Baltic Mantis	63,470	10/9/15		2015

(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.