EXM begs banks to let them live a little while longer....
Well, what do you expect the banks to do? Take the old tugs and dump them on the WEAK second hand market and write off the losses? Not bloody likely. And then EXM says, oh, by the way, we can't pay the amount due later this year, so how about we pay you in another year? Again, what's the bank going to say? Give us the ships so we can get HALF what you owe us for them? Not bloody likely again.
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.