Daniel S. Och’s Oz Management Initiates Activist Stake in Genco Shipping & Trading Limited (GNK)

A new filing with the Securities and Exchange Commission showed that Daniel S. Och‘s Oz Management has initiated an activist stake in Genco Shipping & Trading Limited (NYSE:GNK). The position held by Oz Management contains around 3.26 million shares, worth around $5.76 million at the current price of the stock. The stake amasses 7.32% of the common stock.

Och-Ziff Capital Management

According to the investor, the stake was bought for investment purposes and Oz Management plants to monitor the restructuring process of the company. Oz Management also intends to enter into discussions with Genco Shipping & Trading Limited (NYSE:GNK) and consult with other shareholders. As stated in another filing, Genco entered into a Restructuring Support Agreement with several lenders, who agreed on several points regarding the reorganization of the company, such as a rights offering worth $100 million for 8.7% of the pro forma equity in the reorganized Genco Shipping & Trading Limited (NYSE:GNK), conversion of some credit facilities and replacing a $253 million facility and $100 million facilities with new senior secured credit facilities, among other things

Genco Shipping & Trading Limited (NYSE:GNK) is a nano cap company engaged in the transportation of dry bulk cargoes such as iron ore, coal, grains and others. While several of the hedge funds from our database hold large amounts of the company’s notes, some of them also hold long positions. One of them is Robert Henry Lynch‘s Aristeia Capital, which held around 50,800 shares at the end of 2013.

For the previous year, Genco Shipping & Trading Limited (NYSE:GNK) reported a net loss of around $157 million, basically unchanged over the quarter. The revenue also remained unchanged at around $227.5 million. For the current year, the company is expected to post revenues worth approximately $300 million, and EPS of -$1.88.

The equity portfolio of Oz Management was worth $38.81 million at the end of 2013, with the largest portion invested in the Services sector. Thermo Fisher Scientific Inc. (NYSE:TMO) was the largest holding, in which the fund held around 5.48 million shares, with a reported value of $609.89 million.

Disclosure: none

Recommended Reading:

James Litinsky is Bullish on Ophthotech Corp (OPHT); JHL Capital Boosts Stake in the Company

Berkshire Hathaway Adds 4.93 Mln Shares to Stake in USG Corporation (USG)

Shannon River Fund Management Reveals Increase In Its Holding Of PDF Solutions, Inc. (PDFS)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!