SEC Form 4 · accession 0001104659-16-157629
GENCO SHIPPING & TRADING LTD · GNK
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owners
Strategic Value Partners, LLC
Director · 10% Owner
Victor Khosla
10% Owner
SVP Special Situations III LLC
10% Owner
SVP Special Situations III-A LLC
10% Owner
SVP Special Situations II LLC
10% Owner
Period of report
Nov 15, 2016
Accepted (ET)
Nov 16, 2016 · 5:22 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001326200
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Series A Conv. Preferred Stock, par value $0.01 per shareF2,F3,F4,F1 | — | Nov 15, 2016 | P | 2,815,415 | A | — | — | Common Stock | 2,815,415 | 2,815,415 | I |
| Series A Conv. Preferred Stock, par value $0.01 per shareF2,F3,F5,F1 | — | Nov 15, 2016 | P | 2,885,433 | A | — | — | Common Stock | 2,885,433 | 2,885,433 | I |
| Series A Conv. Preferred Stock, par value $0.01 per shareF2,F3,F6,F1 | — | Nov 15, 2016 | P | 2,492,729 | A | — | — | Common Stock | 2,492,729 | 2,492,729 | I |
| Series A Conv. Preferred Stock, par value $0.01 per shareF2,F3,F7,F1 | — | Nov 15, 2016 | P | 708,485 | A | — | — | Common Stock | 708,485 | 708,485 | I |
Explanation of responses
- F1The shares of Series A Preferred Stock (the "Preferred Shares") shall automatically, without any action by the holder of the Preferred Shares, convert into shares of Common Stock as of the close of business on the date on which the Issuer obtains the approval of its stockholders to issue shares of Common Stock upon conversion of the Preferred Shares.
- F2The reported securities are held directly by Strategic Value Master Fund, Ltd., Strategic Value Special Situations Master Fund II, L.P., Strategic Value Special Situations Master Fund III, L.P. and Strategic Value Opportunities Fund, L.P., and may be deemed to be held indirectly by Strategic Value Partners, LLC ("Strategic Value Partners"), SVP Special Situations II LLC ("Special Situations II"), SVP Special Situations III LLC ("Special Situations III"), SVP Special Situations III-A LLC ("Special Situations III-A"), each as investment manager, and Victor Khosla ("Mr. Khosla" and together with Strategic Value Partners, Special Situations II, Special Situations III and Special Situations III-A, the "Reporting Persons"), as the sole member of Midwood Holdings, LLC, the managing member of Strategic Value Partners, in each case as described below.
- F3The filing of this Form 4 shall not be construed as an admission that the Reporting Persons are or were for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owners of any of the securities reported herein. The Reporting Persons disclaim such beneficial ownership, except to the extent of their pecuniary interest.
- F4Held directly by Strategic Value Master Fund, Ltd., a Cayman Islands exempted company. Strategic Value Partners is the investment manager of, and exercises investment discretion over Strategic Value Master Fund, Ltd. Strategic Value Partners is indirectly majority owned and controlled by Mr. Khosla.
- F5Held directly by Strategic Value Special Situations Master Fund II, L.P., a Cayman Islands exempted limited partnership. Special Situations II is the investment manager of, and exercises investment discretion over Strategic Value Special Situations Master Fund II, L.P. Strategic Value Partners is the managing member of Special Situations II. Strategic Value Partners and Special Situations II are both indirectly majority owned and controlled by Mr. Khosla.
- F6Held directly by Strategic Value Special Situations Master Fund III, L.P., a Cayman Islands exempted limited partnership. Special Situations III is the investment manager of, and exercises investment discretion over Strategic Value Special Situations Master Fund III, L.P. Strategic Value Partners is the managing member of Special Situations III. Strategic Value Partners and Special Situations III are both indirectly majority owned and controlled by Mr. Khosla.
- F7Held directly by Strategic Value Opportunities Fund, L.P., a Cayman Islands exempted limited partnership. Special Situations III-A is the investment manager of, and exercises investment discretion over Strategic Value Opportunities Fund, L.P. Strategic Value Partners is the managing member of Special Situations III-A. Strategic Value Partners and Special Situations III-A are both indirectly majority owned and controlled by Mr. Khosla.