They already bought one at $25m, so this is the second one at this price. Based on this price, the average value of ship from GNK should only be around $18m considering the age and the size of ships owned by GNK. So the total ship value for GNK would be around $955m. With $1.4b in debt, GNK would go bankruptcy already if you use ship value from the recent transaction in the market.
Using your logic, most people in the US that purchase new RVs/cars/boats are bankrupt within a few years. Someone buys an RV for $100k and 4 years later it's worth $50k but they still owe $75k on it. They are now bankrupt. Interesting.
There is a big difference between GNK and those people. Those people still have monthly income so they can still make payment for both principle and interest. If they don't make money and default the loan, then they will go bankruptcy.
GNK is loosing big cash now based on the current shipping rate. They are not making money and cannot make payment on time. So GNK has to beg bank to defer. This will cause more financial cost to GNK. Once GNK run out of its $99M cash, I don't think bank will loan the money to it anymore. It will only take less than 2 years for GNK torun out of its cash by using today's BDI number.