Paragon Shipping Inc (PRGNF)

[mightymoe]

nevermind.. is ok about 650K

At Paragon, we are doing the prudent thing. We are managing through the downturn, working closely with our lenders, and positioning ourselves to be able to capitalize when times change—which they will.

In recent months we have taken important steps to:

Substantially reduce our costs;
Significantly improve our balance sheet by entering settlement agreements with all lenders;
Extinguish $135 million in debt through sale of vessels which have been cash flow negative;
Preserve cash liquidity by raising $1 million through a series of convertible notes;
Extend the delivery of three Kamsarmax newbuilding drybulk carriers to the third and fourth quarter of 2016;
In exchange for 550,000 shares of Paragon common stock, entered into an agreement with Allseas Marine S.A. to write off debt, waive fees while Allseas Marine S.A. assumed all contractual shipbuilding obligations related to the construction of two new Ultramax carriers.