Transportation business FreeSeas Inc. (Nasdaq: FREE) raised $600,000 through selling a note.

Athens-based FreeSeas moves dry bulk cargo.

The business sold the 8 percent note to AMVS Value Fund Ltd in July to bring in the $600,000. That financing comes after FreeSeas offloaded a significant amount of debt in 2014. But the business is still navigating through murky waters after more than four years of low charter rates, according to filings with the U.S. Securities and Exchange Commission.

At the end of 2014, the company’s liabilities exceeded assets, which could cause problems. The company has incurred losses for years, and 2015 projections indicate that cash on hand won’t be enough to cover debt repayments and capital expenditures the company may require. Those problems raised substantial doubt about FreeSeas’ ability to continue as a going concern, or without the threat of liquidation.

Staying in business is a matter of finding financing, FreeSeas says in the April 30 filing. The company has been a part of Mergers & Acquisitions Distressed Company Watch List for years. For more on FreeSeas’ history, see Floundering FreeSeas Negotiates with Lender.  

Some things have looked up for FreeSeas. In July, the company regained Nasdaq listing compliance because the stock price was high enough. On July 28, FreeSeas’ stock opened at $1.21.

FreeSeas, in June, bought a 51 percent stake in Standcorp. International Ltd., an oil tank operator. The company expects the acquisition to help generate income while the dry-bulk market is at a “standstill,” says Varouxakis in a statement.

That deal came after the company received $15 million in financing from Norwegian-based investors to buy assets valued at up to $15 million. That money is secured by a mortgage on one of FreeSeas’ vessels, according to an SEC filing. 

Back in 2014, FreeSeas was able to extinguish a significant amount of debt. The business paid Credit Suisse $22.6 million to settle $37.6 million in debt from a $25 million sale of Series D stock in May 2014. Credit Suisse canceled the remaining $15 million in debt.

“[The]debt repayment represents the culmination of a series of transformative transactions for our company,” FreeSeas CEO Ion Varouxakis said of the deal. “As a result, four of our six owned vessels are now mortgage-free and the total amount of bank debt on our balance sheet has dramatically shrunk to $23.2 million from approximately $90 million just a few months ago, a reduction resulting in part from the debt forgiveness of approximately $35 million from several lenders.”

For the previous edition of Turnaround Tuesday, see Bankrupt Grocer A&P Lines Up Buyers. For more on struggling companies, check out Mergers & Acquisitions Distressed Company Watch List.