New York shipping tycoon Peter Georgiopoulos' Genco Shipping & Trading is sunk.
The company, which operates a fleet of 53 tankers that typically carry coal, iron ore, grain and soy beans, is expected to file for Chapter 11 bankruptcy protection as early as Thursday, The Post has learned.
"There is no chance it doesn't file," said a source who has been closely following the situation.
Georgiopoulos has been trying to work out a deal with debt holders including Centerbridge Partners in which he would cede control of the company but keep running the business.
Genco is Georgiopoulos's second shipping company to crash in as many years. In 2012, Oaktree Capital Management reached a deal with Georgiopoulos to repossess General Maritime through a pre-packaged bankruptcy.
The tanker business hit rough waters during the financial crisis, a situation that was compounded by a glut of vessels.
Genco is awash in $1.1 billion of bank debt and owes bondholders $125 million. The company missed a debt payment last month.
Its debt is roughly equal to the value of its fleet, which would fetch around $1.2 billion in a sale, according to an estimate from VesselsValue.
Shares of Genco, which traded as high as $80 in 2008, opened Thursday at $1.61 per share.
That is quite a fall for Georgiopoulos, 52, a West Village resident with a former supermodel wife who in 2008 claimed to be worth $2 billion.
"Shipping is a very cyclical business and prudent people prepare for the bad years during the good ones," a shipping industry veteran said.
"I saw one of Pete's Panamax dry cargo ships discharging salt at the Atlantic Salt facility on Staten Island, and I wondered what happened to a guy who, at one time, thought it was an insult to offer him a salt cargo to carry."
A former Drexel Burnham banker, Georgiopoulos, has to shell out about $11,000 a day to operate one of Genco's tankers, but rental rates have dropped to about $10,000 a day.
Georgiopoulos owns a third shipping company, Aegean Marine Petroleum, an oil-services company. He is also trying to form a new shipping company that would specialize in transporting chemicals.
A Genco spokesperson declined to comment.
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