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