Genco entered amendment to commitment letter

Genco

As previously disclosed in a Current Report on Form 8-K filed on June 30, 2016, under an amended and restated commitment letter executed by Genco Shipping & Trading Limited and certain of its lenders for a senior secured term loan facility, the Company received grants or extensions of waivers with regard to its collateral maintenance covenants, maximum leverage ratio covenants, and minimum cash covenants that are applicable on a company-wide basis under its $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility, and its 2015 Revolving Credit Facility.

On September 30, 2016, the Company and such lenders entered into an amendment to the Commitment Letter under which, among other things, such waivers as well as the commitments under the Commitment Letter were extended until October 7, 2016.

Also as previously disclosed in a Current Report on Form 8-K filed on June 30, 2016, on June 29, 2016, the Company entered into a commitment letter (the “$98 Million Facility Commitment Letter”) for certain amendments to its $98 Million Facility as defined in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016, which $98 Million Facility Commitment Letter also provided, among other things, for certain covenant relief through September 30, 2016. On September 30, 2016, the Company entered into a letter agreement with the lenders under the $98 Million Facility pursuant to which such covenant relief as well as the commitments under the $98 Million Facility Commitment Letter were extended through November 15, 2016, provided that the waivers and the commitments under the Commitment Letter have also been extended to such date by October 7, 2016.

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