It's only possible to seek bankruptcy protection when there's a principle or interest payment due that the company either does not want to pay or cannot pay. There is no such payment due next week and thus bankruptcy next week is not possible.
just like South Africans. Americans, not so much.
Yes, I appreciate the cyclical downturn; that's why I'm here. But I'm not foolish enough to buy stocks just because they're down, knowing that not all are guaranteed to recover. I'm not bashing GuNK, I'm just warning you. I expect that GuNK will survive but effective majority ownership will be transferred from current shareholder to creditors. Just look at the folks buying up GuNK debt and consider their reputations for making profits for themselves.
Back to the original question on cash position: Why wasn't it answered by a shareholder? Perhaps the shareholders are familiar neither with the shipping business in general or GuNK in particular? I've yet to see a single opinion from any shareholder on how debt will be restructured.
BALT was originally spun off from GuNK, and under the terms of the spinoff the GuNK-owned shares get more voting power than public-owned shares. While GuNK owns only a small fraction of BALT, they have a controlling vote. Under GAAP, GuNK must account for BALT as a wholly-owned subsidiary and show 100% of BALT cash on the GuNK balance sheet. Of course, GuNK cannot use that cash to pay off GuNK debts. Thus, the current ratio is even worse than it seems.
I did buy a lot of BALT today, on top of EGLE purchases Wednesday. But no GuNK for me until they lose that "u".
Something happened yesterday, and GuNK was what flagged it for me. GuNK is the most-leveraged most-risky drybulker that still has a plausible chance of surviving. If someone has a clear (but non-public) insight into the future of the business, GuNK stock is where they will place their bets. And yesterday, they did. I don't know exactly what they know, but the message was clear. Thank you GuNK speculators!
I spent yesterday buying another drybulker. By the price action, you can probably guess which one. But I didn't buy any GuNK because of the impending debt negotiations. However, for those of you that have been in love with the stock and have hung around until now, you should not sell on the additional gain that will occur on Friday. You should follow the lead of those that know more than you and I. Their knowledge is reflected in the price action. Again, something changed. GuNK jumped 13% yesterday, and today drybulk rates are exploding in asia.
This stock is like a time bomb.
Is it mid November yet?
The funny think about fanboys is that you can never admit you were wong and continue to spew advice as if you had a clue.
Your boat seems to be riding rather low in the water. Did you seriously think that just because you bought the downtrend would reveerse?