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

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