I bailed out of my entire position last week. I continue to think ULTR has a phenomenal opportunity in the Hidrovia, but it has taken so long to build out the business that the balance sheet is no longer stable enough for me to hang on. Holders of this stock may well hit a home run, but I am uncomfortable with the risk of a heavily dilutive restructuring or even bankruptcy so I am moving on. Good luck to all and to ULTR management.
I don't see it as obvious that the company will be able to roll the $180MM of senior notes in 2014. The assets pledged to the notes have a book value of around $75MM and a lot of the other assets are subject to structurally senior liens. They can't repay the notes from available funds and if they are able to refinance the senior notes, 9% seems like a pipe dream.
Understand the frustration. Good luck to you. I just hope ULTR can hang together until Europe and/or the U.S. start printing money again. Obama doesn't want increased unemployment or a huge market crash during an election year. China will continue to want those soybeans, etc. Better to sell on a bounce that is sure to come before year end. But--better to sell than to chew off all your fingernails and alienate friends and family through being irritable.