Geneco Shipping Similar deal read example.... Was a NASDAQ Stock lost its Nasdaq status after the financial restructuring and became OTCBB Listing Now trades as GNKSF on the OTCBB for eight dollars a trade so hang in there I think
NEW YORK (TheStreet) -- Genco Shipping & Trading Ltd. (GNK_) stock is soaring 42.18% to $2.18 Friday after a rollercoaster ride during premarket trading.
Before the opening bell, the steel shipping company saw a sharp double digit drop before shooting back up.
Late Thursday night Genco announced it had reached "a restructuring agreement with a majority of lenders that gives it a road map for a Chapter 11 bankruptcy reorganization," Bloomberg reported.
The deal includes the conversion of a 2007 credit line into 81.1% of the equity in the company once it is restructured. The $125 million of convertible securities the company has would be switched out for 8.4% of the equity, according to a Genco regulatory filing.
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