Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Filing Details

Accession Number:
0001104659-19-065123
Form Type:
13D Filing
Publication Date:
2019-11-18 17:01:26
Filed By:
Strategic Value Partners
Company:
Genco Shipping & Trading Ltd (NYSE:GNK)
Filing Date:
2019-11-18
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Strategic Value Partners 0 8,165,428 0 8,165,428 8,165,428 19.6%
SVP Special Situations III 0 2,286,459 0 2,286,459 2,286,459 5.5%
SVP Special Situations III-A 0 649,859 0 649,859 649,859 1.6%
SVP Special Situations II 0 2,646,667 0 2,646,667 2,646,667 6.3%
Victor Khosla 0 8,165,428 0 8,165,428 8,165,428 19.6%
Filing

 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D/A

 

 

Under the Securities Exchange Act of 1934
(Amendment No.
15)*

 

Genco Shipping and Trading Limited

(Name of Issuer)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

Y2685T131

(CUSIP Number)

 

David B. Charnin, Esq.

Strategic Value Partners, LLC

100 West Putnam Avenue

Greenwich, CT 06830

(203) 618-3500

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

November 14, 2019

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  o

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 


 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

 

1

Names of Reporting Persons
Strategic Value Partners, LLC
I.R.S. Identification No. of Above Person (Voluntary)

 

 

2

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds
Not Applicable

 

 

5

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
8,165,428 (1)

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
8,165,428 (1)

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
8,165,428 (1)

 

 

12

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (9)
19.6% (2)

 

 

14

Type of Reporting Person
OO

 


(1) Consists of (i) 2,582,443 shares beneficially owned by Strategic Value Partners, LLC as the investment manager of Strategic Value Master Fund, Ltd. and (ii) 2,286,459 shares beneficially owned by SVP Special Situations III LLC as the investment manager of Strategic Value Special Situations Master Fund III, L.P., 649,859 shares beneficially owned by SVP Special Situations III-A LLC as the investment manager of Strategic Value Opportunities Fund, L.P. and 2,646,667 shares beneficially owned by SVP Special Situations II LLC as the investment manager of Strategic Value Special Situations Master Fund II, L.P., all of which may also be deemed to be beneficially owned by Strategic Value Partners, LLC as the managing member of each such investment manager entity.

 

(2) Based on 41,754,413 shares of Common Stock outstanding as of November 7, 2019, as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on November 7, 2019.

 

2


 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

 

1

Names of Reporting Persons
SVP Special Situations III LLC
I.R.S. Identification No. of Above Person (Voluntary)

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds
Not Applicable

 

 

5

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
2,286,459

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
2,286,459

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
2,286,459

 

 

12

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (9)
5.5% (1)

 

 

14

Type of Reporting Person
OO

 


(1) Based on 41,754,413 shares of Common Stock outstanding as of November 7, 2019, as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on November 7, 2019.

 

3


 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

 

1

Names of Reporting Persons
SVP Special Situations III-A LLC
I.R.S. Identification No. of Above Person (Voluntary)

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds
Not Applicable

 

 

5

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
649,859

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
649,859

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
649,859

 

 

12

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (9)
1.6% (1)

 

 

14

Type of Reporting Person
OO

 


(1) Based on 41,754,413 shares of Common Stock outstanding as of November 7, 2019, as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on November 7, 2019.

 

4


 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

 

1

Names of Reporting Persons
SVP Special Situations II LLC
I.R.S. Identification No. of Above Person (Voluntary)

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds
Not Applicable

 

 

5

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
2,646,667

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
2,646,667

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
2,646,667

 

 

12

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (9)
6.3% (1)

 

 

14

Type of Reporting Person
OO

 


(1) Based on 41,754,413 shares of Common Stock outstanding as of November 7, 2019, as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on November 7, 2019.

 

5


 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

 

1

Names of Reporting Persons
Victor Khosla
I.R.S. Identification No. of Above Person (Voluntary)

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds
Not Applicable

 

 

5

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
United States

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
8,165,428 (1)

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
8,165,428 (1)

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
8,165,428 (1)

 

 

12

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (9)
19.6% (2)

 

 

14

Type of Reporting Person
OO

 


(1) Consists of (i) 2,582,443 shares beneficially owned by Strategic Value Partners, LLC as the investment manager of Strategic Value Master Fund, Ltd. and (ii) 2,286,459 shares beneficially owned by SVP Special Situations III LLC as the investment manager of Strategic Value Special Situations Master Fund III, L.P., 649,859 shares beneficially owned by SVP Special Situations III-A LLC as the investment manager of Strategic Value Opportunities Fund, L.P. and 2,646,667 shares beneficially owned by SVP Special Situations II LLC as the investment manager of Strategic Value Special Situations Master Fund II, L.P., all of which may also be deemed to be beneficially owned by Strategic Value Partners, LLC as the managing member of each such investment manager entity, and which is indirectly majority owned and controlled by the Reporting Person.

 

(2) Based on 41,754,413 shares of Common Stock outstanding as of November 7, 2019, as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on November 7, 2019.

 

6


 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

AMENDMENT NO. 13 TO SCHEDULE 13D

 

Reference is hereby made to the statement on Schedule 13D filed with the Securities and Exchange Commission on behalf of the Reporting Persons with respect to the Common Stock of the Issuer on July 22, 2015, Amendment No. 1 thereto filed on November 12, 2015, Amendment No. 2 thereto filed on February 18, 2016, Amendment No. 3 thereto filed on May 13, 2016, Amendment No. 4 thereto filed on June 8, 2016, Amendment No. 5 thereto filed on June 30, 2016, Amendment No. 6 thereto filed on October 6, 2016, Amendment No. 7 thereto filed on October 13, 2016, Amendment No. 8 thereto filed on October 27, 2016, Amendment No. 9 thereto filed on October 31, 2016, Amendment No. 10 thereto filed on November 16, 2016, Amendment No. 11 thereto filed on December 21, 2016, Amendment No. 12 thereto filed on January 6, 2017, Amendment No. 13 thereto filed on March 29, 2018, and Amendment No. 14 thereto filed on April 9, 2018 (as so amended, the Schedule13D). Terms defined in the Schedule 13D are used herein as so defined.

 

Item 5.  Interests in Securities of the Issuer.

 

Item 5 is hereby amended and supplemented with the following:

 

(a)  (b) The information requested by this paragraph is incorporated by reference herein to the information provided on the cover pages of this Amendment No. 15.

 

(c)                                  On November 14, 2019 the Reporting Persons effected the following transactions with respect to the equity securities of the Issuer: 632,531 shares of Common Stock sold by Strategic Value Master Fund, Ltd., 648,262 shares of Common Stock sold by Strategic Value Special Situations Master Fund II, L.P., 560,034 shares of Common Stock sold by Strategic Value Special Situations Master Fund III, L.P., and 159,173 shares of Common Stock sold by Strategic Value Opportunities Fund, L.P., each at a price of $10 per share.

 

7


 

Schedule 13D

CUSIP No. Y2685T131

 

 

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: November 18, 2019

 

 

 

 

STRATEGIC VALUE PARTNERS, LLC

 

 

 

By:

/s/ James Dougherty

 

 

Name:

James Dougherty

 

 

Title:

Chief Financial Officer

 

 

 

SVP SPECIAL SITUATIONS II LLC

 

 

 

By:

/s/ James Dougherty

 

 

Name:

James Dougherty

 

 

Title:

Chief Financial Officer

 

 

 

SVP SPECIAL SITUATIONS III LLC

 

 

 

By:

/s/ James Dougherty

 

 

Name:

James Dougherty

 

 

Title:

Chief Financial Officer

 

 

 

SVP SPECIAL SITUATIONS III-A LLC

 

 

 

By:

/s/ James Dougherty

 

 

Name:

James Dougherty

 

 

Title:

Chief Financial Officer

 

 

 

 

 

/s/ Victor Khosla

 

 

Victor Khosla

 

8