IN RE GENCO SHIPPING & TRADING LTD.

Case No. 14-11108 (SHL) (Jointly Administered).

513 B.R. 233 (2014)

IN RE: GENCO SHIPPING & TRADING LIMITED, et al., Debtors.

United States Bankruptcy Court, S.D. New York.

Signed July 2, 2014.


Attorney(s) appearing for the Case

Kramer Levin Naftalis & Frankel LLP, Counsel for the Debtors, 1177 Avenue of the Americas, New York, N.Y. 10036, By: Kenneth H. Eckstein, Esq. , P. Bradley O'Neill, Esq. , Philip S. Kaufman, Esq. , Adam C. Rogoff, Esq. , Stephen D. Zide, Esq. , Natan Hamerman, Esq. , Anupama Yerramalli, Esq.

Sidley Austin LLP, Counsel for the Official Committee of Equity Holders of the Debtors, 787 Seventh Avenue, New York, N.Y. 10019, By: Steven M. Bierman, Esq. , Benjamin R. Nagin, Esq. , Michael G. Burke, Esq. , Andrew D. Hart, Esq. , James D. Arden, Esq. , and One South Dearborn, Chicago, IL 60603, By: Larry J. Nyhan, Esq.

Milbank, Tweed, Hadley & McCloy LLP, Counsel for Wilmington Trust Company, as agent for the 2007 Credit Facility, One Chase Manhattan Plaza, New York, N.Y. 10005, By: Dennis F. Dunne, Esq. , Samuel A. Khalil, Esq. , and International Square Building, 1850 K Street, NW, Washington, D.C. 20006, By: Aaron Renenger, Esq.

Curtis Mallet-Prevost, Colt & Mosle LLP, Conflicts Counsel for Debtors, 101 Park Avenue, New York, N.Y. 10178, By: Theresa A. Foudy, Esq.

Akin Gump Strauss Hauer & Feld LLP, Counsel for Informal Convertible Noteholder Group, One Bryant Park, New York, N.Y. 10036, By: Michael S. Stamer, Esq. , Sean E. O'Donnell, Esq. , Sarah Link Schultz, Esq.

Morgan, Lewis & Bockius LLP, Counsel for Bank of New York Mellon, 101 Park Avenue, New York, N.Y. 10178, By: Glenn E. Siegel, Esq.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Counsel for Agents for the Pre-Petition $100 Million and $253 Million Credit Facilities, 1285 Avenue of the Americas, New York, N.Y. 10019, By: Elizabeth R. McColm, Esq. , Sarah Harnett, Esq.

United States Department of Justice, Office of the United States Trustee, 201 Varick Street, Suite 1006, New York, N.Y. 10014, By: Andrew Velez-Rivera, Esq.


Chapter 11

MEMORANDUM OPINION ON CONFIRMATION ISSUES

SEAN H. LANE, UNITED STATES BANKRUPTCY JUDGE

Before the Court is a dispute over the Debtors' proposed plan of reorganization, with the parties primarily disagreeing about the value of the Debtors, a dry bulk shipping company. Using four different valuation methods and their many component parts, the Debtors and the Official Committee for the Equity Holders (the "Equity Committee") arrive...

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