FreeSeas Inc., one of many shipping companies negatively affected by historically low charter rates, is trying to restructure with one of its lenders.

In April, the company’s accountant expressed substantial doubt about its ability to continue as a going concern, or without the threat of liquidation. In a filing with the U.S. Securities and Exchange Commission, FreeSeas says that if it is forced to liquidate, the amount it could get for its assets would likely be substantially less than the assets’ carrying value.

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