EXM begs banks to let them live a little while longer....
but that is a good thing... i mean, the banks are the ones who can make a difference in making this company go banckrupt or not... If they agree to the deferred payment and the waiver of the covenants, weather they like it or not, its a good thing for EXM.... If they do this for a couple of years maybe EXM can see the light at the end of the tunel.
LOL! They did it because they don't want the freaking SHIPS!!!!! IF they took them, they'd be staring down the barrel of a HUGE write down and immediately at that! So like in the housing crisis, they LIE to their stakeholders essentially, and keep EXM alive so they don't look SO STUPID. EXM is a POS. The Chairman is a crook. Always has been. Funniest thing I ever saw in this industry was Molaris STUFFING QMAR up his stupid rectum. Deserved it completely.
It doesn´t matter why they did it... We all know thay if they took the ships it would be worthless for them... No one is going to buy the ships, so their best (only) choice is to keep EXM alive so that it can operate the fleet . But that is precisely my point. If the banks are willing (because the alternative is worst) to keep EXM alive through the next two or three years until the sector rebounds, wouldn´t it be a nice gamble (not investment) to put a litte something in this stock?.
There is NO light at the end of the tunnel. Bank debt is not worth more than 70c on the dollar, and dropping monthy. Banks lent too much money, and are now in the shipping business. There is Nothing here for shareholders, it was gone 2 years ago. I don't understand why the banks don't take the ships today (as they should have last year), take the loss and stick to banking. Next year we will be posting "the bank debt is worth 20c on the dollar" Sell the ships, take your loss, and stick to Banking!