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Rand Logistics Going Concern Warning

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In Form 10-K filed on July 6, 2017, Rand Logistics, Inc.’s auditor, Grant Thornton LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Grant Thornton, the Company incurred a net loss of $19,871 during the year ended March 31, 2017, and as of that date, the Company’s current liabilities exceeded its current assets by $214,282. The Company is currently operating under a series of short-term waivers under its credit facilities due to the Company’s inability to achieve certain financial covenants under its credit facilities and its failure to consummate a recapitalization transaction with its second lien lender, in order to avoid a further default.

In Form NT 10-K filed on July 3, 2017, Rand Logistics, Inc. is unable to finalize without unreasonable effort and expense the notes to its financial statements to be included in the Annual Report on Form 10-K for the year ended March 31, 2017. The Company believes that the auditor’s opinion to be included with such financial statements may express doubt about the Company’s ability to continue as a going concern. Read more on distressed companies.

The post Rand Logistics Going Concern Warning appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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