Seeking Alpha

Wild ride for Genco Shipping

  • Shares of Genco Shipping (GNK +35.9%) have been on a wild ride today with an early double-digit premarket decline, a trading halt, and a sizzling rally all in the books before lunchtime.
  • The company says it has entered a pact with lenders which gives it a road map for bankruptcy.
Comments (2)
  • SAFISCHMAN
    , contributor
    Comments (3) | Send Message
     
    What does this mean for investors and traders. If the company declares bankruptcy share holders would be wiped out, yes? Or does this mean bankruptcy can be avoided? Why is the stock rallying if bankruptcy is imminent, unless we just have a lot of short covering here?
    4 Apr 2014, 11:47 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (645) | Send Message
     
    I show 38% of float shorted, but to see a 30% rise in price doesn't make sense to me. Maxim issued a 'Sell' rating with a $0.25 PT at just after 12:00.
    4 Apr 2014, 12:35 PM Reply Like
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