Paragon Shipping Inc. (NASDAQ:PRGN) is up by more than 700 percent after the company announced that due to lack of equity, Company will not proceed with the interest payment in regards to the issued and outstanding senior unsecured notes due 2021 that bear interest at a rate of 8.375% per year (“Unsecured Notes”).
Not only that, the Company has also entered into an agreement with Jiangsu Yangzijiang Shipbuilding Co., or Yangzijiang. As per the agreement PRGN will extend the deliveries of its three Kamsarmax newbuilding drybulk carriers (Hull numbers YZJ1144, YZJ1145 and YZJ1142), to Sept 30, 2016, Oct 31, 2016 and Nov 30, 2016, respectively. The company released more news announcing that they have co filed a law suit against Tradewinds and their financial reporter, Mr. Joe Brady Stamford for defamation damages. In particular on February 18, 2016, Tradewinds reported that the Company had obtained its Board of Directors approval for filing bankruptcy under Chapter 11. The Company and its Board of Directors declared that the above statement was totally untrue.
Currently, PRGN is trading at $2.25 with more than 15.56M shares exchanging hands. It seems there is nothing that can curb today’s rally and with current momentum looks like we could very well see PRGN trading above the 5$ mark.
Read more about PRGN at http://finance.yahoo.com/news/inplay-briefing-com-055139997.html#