Bankruptcy doesn't exist in those markets. The creditors have to work with the company.
They also managed through some irresponsible financing grab another two ships and potentially 2 coal mines. If this works out the upside will be insane. Not to mention the infusion of china's money into Greek shipping and the potential lawsuit with IR. The damages is so excessive they could pay nearly all of or more of their debt on a potential win.
News 
Market Data 
Discover 
