Thursday, August 15, 2013

"After A Dismal Second Quarter, How Long Can Genco Shipping & Trading Stay Afloat?"

Seeking Alpha article about Genco.

"The company was left with a rapidly shrinking cash pile of US$55.973 million, a dangerously low level for a company with Genco's debt servicing obligations.

The company also did not report any significant progress in its negotiations with its creditors concerning its debt overhang."
The GNK bonds due 2015 traded ~22 for a YTM over 100 percent.

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