Monday, March 30, 2009

Will Dryships survive?

Dryships auditors have some concerns.

In a note to the Athens based company’s accounts, auditors Deloitte, Hadjipavlou, Sofianos and Cambanis said the company’s breach of financial covenants, negative working capital and other considerations raised “substantial doubt” about its ability to continue as a going concern.

Of course, George Economou says otherwise.

DRYSHIPS boss George Economou has said that the dry bulk and drill ship company’s “proactive approach” to problems has re-engineered it for the long term, in spite of an auditor’s note registering some doubt about the future.

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