Peter Georgiopoulos, the founder of Genco Shipping and Trading, plans to sell all his shares in the company, according to a securities filing.
Georgiopoulos, who resigned last year "to pursue other opportunities", said in a statement of share ownership that he "intends to dispose of all of his securities of the issuer over time, subject to price, market conditions and limitations under applicable securities regulations."
The founder and former chairman of Genco, who was last listed as having a 10.6% stake in the company, saw that diluted down to 2.3% following a capital raise last year. He owns just over 825,000 shares.
Last October, Genco sold $125m in convertible preferred shares to its existing shareholder base of Centerbridge Partners, Strategic Value Partners (SVP) and Apollo Global Management.
