Ok, I capitulate. You are 100% correct and 100% accurate.
I've never once stated you didn't try to help.
Will you shut up now?
look at the date this was posted. November 6th. the stock closed at 2.81
To pay so "dearly" for debt that was worth more than the assets, they must actually believe in the current management. Baltic falls apart without GNK's management, IMO. The sum is far greater than the parts.
What if the lender is Centerbridge and they own a huge chunk of BALT?
The group that bought GNK's debt and the big chunk of BALT's ashares is Centerbridge Special Credit Partners II (2).
That fund executes a non-control, activist-oriented trading strategy in distressed-security investments.
Georgopoulos will not alllow his baby to BK. He will lose substantially all of his net worth with the exception of his stake in ANW. BALT will Buy some ships from Genco. Centerbridge will be on board of both. It's a done deal. $2.00 March call options are a good bet... Why would centerbridge by into BALT if it was not to expedite a transaction...
I predicted it would hit $1.87 since late September, but since it has dropped so drastically in the last couple of days, it is a clear sign of fundamental change, I would not recommend to buy at this price
In the past few years Centerbridge has done a number of recapitalization deals that have not involved wiping out existing shareholders. It's looking like their involvement may end up being a positive for GNK. Centerbridge will most likely seek seats on the BOD of BALT and GNK, possibly appoint a new CEO too.
So restructuring and selling asset not showing investors effort to create value of the past. I think so.
After factoring in BALT's recent issuance of shares Centerbridge now owns 66.8% of BALT. (50.2M shares outstanding ) In comparison GNK owns 13.2% (6.6M shares) of BALT.
Centerbridge recently bought a huge chunk of GNK's debt.
Does Centribridge want BALT, GNK, or both?
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Yes a revolutuion is about to occur across this nation, and this is not a joke. ENOUGH citizens in general have had enough of the same old politics and manipulations of supposed regulated indutries while politicians and special interests go on ebocming mega-wealthy and middle class is ruined completely... Socilistic liberal values are trying to be forced own everyone's throats...
WRONG FOOL! it was pure manipulation opening wiht RSI of 3 for God's sake !!!
STOP your #$%$ all of you negative #$%$ out there, GROW UP!!!!
Volume 3 times normal coming off that huge drop shows hevay buying retracing the opening gap down...
I found the answer to my payment question:
As a result, the Company's next scheduled amortization payment under its three credit facilities will be due in the first quarter of 2014 in the amount totaling $55.2 million. Additionally, the existing waivers for both the maximum leverage ratio covenant and the interest coverage ratio covenant have been extended under all three facilities from March 31, 2013 through and including the quarter ending December 31, 2013.