Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is a drybulk shipper that is currently experiencing severe financial distress. As of the first quarter of 2013, the company reported US$193.567 million in total liabilities, out of which the entire amount was classified as "current" (i.e., as payable within one year). On that quarter, the company reported "current" assets (i.e., assets that can reasonably be expected to be converted into cash within one year) of US$29.59 million. The company's current ratio is a dangerously low 0.15. Without restructuring its debts, Seanergy lacks the cash to make good on its obligations with its creditors during the next 12 months. Indeed, the company's auditors have cautioned that Seanergy may not be able to continue...
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