Genco Shipping & Trading to Cut Debt by More Than $1B and Wal-Mart Chooses MasterCard for Processing
Genco Shipping & Trading Ltd. (NYSE: GNK) shares closed up almost 26.80% on Friday after the company announced that it will cut its debt by more than $1 billion by giving control of the company to its lenders in a deal that requires the dry bulk shipping company to file for bankruptcy. According to a regulatory filing from Thursday, lenders backing a $1.06 billion credit facility would convert their debt into about 81.1 percent of company's stock. Investors who hold $125 million of Genco convertible debt would receive 8.4 percent of the company. The remaining equity would be allocated to those investors funding a $100 million rights offering, while management would also get a 1.8 percent stake in the company.
Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes through the ownership and operation of drybulk carrier vessels worldwide. It transports iron ore, coal, grain, steel products, and other drybulk cargoes.
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Wal-Mart Stores Inc. (NYSE: WMT) has chosen Mastercard (MA) to handle transactions for the company’s store-branded credit cards. This ends a nine-year relationship with Discover Financial Services (DFS). Wal-Mart also announced on Friday that the Sam’s Club warehouse unit also extended its agreement with General Electric Co.’s (GE) retail finance unit to provide the retailer’s store-branded cards in the U.S. and Puerto Rico, Wal-Mart. The Sam’s Club co-branded cards also will switch to MasterCard. Walmart recently sued Visa, the biggest U.S. payments network, for allegedly conspiring with banks to fix transaction fees. Wal-Mart is seeking least $5 billion in damages from Visa, claiming violations of federal antitrust laws.
Wal-Mart Stores, Inc. operates retail stores in various formats worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sams Club. It operates discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, restaurants, apparel stores, drug stores, and convenience stores, as well as various retail Websites, such as walmart.com and samsclub.com.
Get more information on Wal-Mart Stores Inc. free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/WMT
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