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  • jtmfinestein jtmfinestein Nov 29, 2011 7:27 PM Flag

    GSL craps itself before the CMA call...

    First- CMA CGM is a Private Company and the don't have Earnings calls. GSL is dropping because there has been no update on the LTV Waiver which is due by tomorrow November 30th.

    "The Company is in discussions with its lenders to amend the credit facility in respect to the Leverage Ratio. The Company was in compliance with all of its financial covenants at September 30, 2011 and at the date of issuance of the third quarter financial statements. Management expects that an amendment or waiver will be obtained and accordingly, the interim unaudited consolidated financial statements are prepared on a going concern basis. If the Company does not successfully amend the credit facility by November 30, 2011 or otherwise obtain a deferral or waiver of the requirement to perform the Leverage Ratio test as at that date, and its Leverage Ratio is above 75%, the lenders may declare an event of default and accelerate some or all of the debt or require the Company to provide additional security."

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