iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,613 Blog Posts

$DRYS Comes to Terms with Lending Bank, Stock Surges

If you bought DRYS last week near the top, today’s movie is meaningless horseshit to you. You’re, indelibly, in a post apocalyptic haze — walking about a dystopian landscape with your guts dragging beneath your feet on a hard, cold ground.

But if you bought on Friday, this is good news. DRYS cut a deal with a bank and the stock is surging.

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DryShips announces an agreement with one of its lenders to settle outstanding loan obligations

The lending bank has agreed to a write-off of ~50% of the outstanding principal and interest due. The co has repaid ~$8.2 mln of principal and will have to pay an additional amount of $2.0 mln over the next 9 months against a full and final settlement of all of its obligations under the credit documents.

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