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  "docSlug": "444c2570e8f0ee01",
  "documentTitle": "European Distressed Credit Watch List",
  "authorId": "AlvarezMarsal",
  "authorName": "Alvarez & Marsal",
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  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
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  "notes": "Slide provides a snapshot of a distressed shipping company's financial and operational status.",
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      "text": "Total Debt: 89",
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      "text": "- Feb 16 - PS announced an exchange offer for its 8.375% Notes due in 2021. Each note is to be exchanged for 60 ordinary shares\n- Mar 16 - The company announced that it did not make the $0.5mn interest payment on its Notes as it did not have sufficient liquidity, it has written to Yanzijiang asking to delay deliveries of 3 new drybulk carriers to the end of 2016 and is in arbitration proceedings with Dayang for not taking delivery of a new drybulk carrier in December 2015\n- Mar 16 - PS announced the sale of MV Coral Seas, the MV Golden Seas, the MV Prosperous Seas, the MV Precious Seas, the MV Priceless Seas and the MV Proud Seas, in exchange for the settlement of the respective facilities",
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      "kind": "paragraph",
      "text": "Paragon Shipping Inc. provides shipping transportation services worldwide. It engages in the ocean transportation of drybulk cargoes, including commodities, such as iron ore, coal, grain, and other materials. As of December 31, 2014, the company's fleet consisted of eight Panamax drybulk carriers, two Ultramax drybulk carriers, two Supramax drybulk carriers, and four Handysize drybulk carriers with an aggregate capacity of 980,380 dwt. Paragon Shipping Inc. was founded in 2006 and is based in Voula, Greece.",
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      "kind": "source-note",
      "text": "Source: Capital IQ, Debtwire, Company website",
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      "text": "Capital Structure (EUR m)1",
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      "kind": "title",
      "text": "Q. MARINE – PARAGON SHIPPING INC.",
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      "numberRaw": "89",
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      "evidence": "The slide provides an overview of Paragon Shipping Inc., indicating an audience familiar with the company or the marine sector.",
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      "agent": "Designer",
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      "matchId": "019dd95a-1055-74e0-a962-b213ee0e49c3",
      "evidence": "Same 4-quadrant case-study template.",
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      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Core Insight",
      "beatSlug": "onion-core-insight",
      "evidence": "23 issuer-level case studies on a uniform 4-quadrant template.",
      "position": 4,
      "confidence": 78,
      "parentBeatName": "Turn",
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    {
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      "arcName": "The Consultant's Gambit",
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      "beatName": "Evidence & Proof",
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      "evidence": "Aggregate table (p16) followed by 23 same-template issuer cases reads as Evidence A, B, C → pattern.",
      "position": 3,
      "objective": "Stack 24 distressed-credit dossiers as cumulative evidence for the watch-list thesis.",
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