Good piece. Reads like a lot that have either gone Bk or just quit. Specifically these parts:
As a result of the above actions, DRYS at least managed to pay down debt, including the convertible bond. However, the company is in a much worst position today as it is experiencing negative adjusted EBITDA. DRYS stopped making payments across all credit facilities and will negotiate with banks.
Even if there is significant debt restructuring, DRYS cannot survive much longer with its current cash balance and cash burn of around $15m per quarter (prior to making interest payments), unless one or more of the following occur:
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