Jumboo is absolutely correct. After Equity and warrants the common stock should equal approximately $2.00 - $2.10 per share of common stock the time to buy or average down is now. and the stock should in my opinion rally to around $2 before the deal then level off and resume normal trading after the proposed deal of financial restructuring it is stated but of course there is no guaranties. However after the financial restructuring Eagle Shipping will honor all company contract retain employees and operate normally as well as maintain its Nasdaq listing as stated in the article. So I agree with Jumboo the time to buy or average down is now. I personally will be buying low and selling high,,, in an article it explains in more technical detail as follows on ABL Advisor.....
"We expect our business activities to continue in the normal course during the restructuring process. The Company's reputation has been built on superior industry relationships and operational excellence – attributes that we will build on moving forward."
Under the terms of the Plan, the Lenders will convert their debt into 99.5% of the new equity in the reorganized Eagle Bulk, subject to dilution, and receive a cash distribution from the proceeds of an exit financing facility. All existing equity interests in Eagle Bulk will be cancelled, with such equity interests receiving, subject to dilution, 0.5% of the new equity in the reorganized Eagle Bulk and seven-year warrants to acquire an additional 7.5% of the new equity in the reorganized Eagle Bulk.
To further ensure that its suppliers, chartering counterparties, business partners, crew members, and employees are unaffected by the restructuring process, Eagle Bulk is seeking customary "first day" motions with the Court to authorize continued payments in the ordinary course of business.
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