GENCO SHIPPING Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

GENCO SHIPPING Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02

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Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 26, 2018, John Brantl, a director of Genco Shipping & Trading Limited (the “Company”), notified the Company that he intended to resign from its Board of Directors on a date to be determined in the near future. Mr. Brantl stated that his departure did not reflect any disagreement with the Company. Under the terms of a Purchase Agreement effective as of October 4, 2016 that the Company entered into with funds or related entities managed by Strategic Value Partners LLC or its affiliates (“SVP”), SVP has the right to designate an individual to replace Mr. Brantl on the Board of Directors. SVP has indicated that it intends to designate Daniel Han to replace Mr. Brantl on the Company’s Board of Directors.

Mr. Han, age 39, is a Managing Director and Co-Head of the North American investment team of Strategic Value Partners LLC, which he joined in 2014. From 2002 to 2014, Mr. Han was with Wellspring Capital Management, most recently as a Principal and a member of Wellspring’s Investment Committee. From 2000 to 2002, Mr. Han was an Investment Banking Analyst in the Mergers and Acquisitions Group at J.P. Morgan. Mr. Han received a bachelor of science degree from the University of Virginia McIntire School of Commerce with a concentration in Finance in 2000. Mr. Han is on the Board of Directors of SH-130 Holdings, LLC, and OHB Holdings LLC (Orleans Homebuilders), and was formerly on the Board of Directors at Aromair Fine Fragrance Company Inc. (formerly the US division of Jeyes), Dave & Buster’s, Inc., GSE Holdings, Inc. (GSE Environmental), JW Aluminum, Inc., Resco Products Inc., and Patriot Container Corp. (Wastequip).

Mr. Han has not been a party to any transaction with the Company that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K.

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