The company, which has significant assets but crushing debt, hopes to reorganize. But bankruptcy typically wipes out the holdings of shareholders, who stand at the back of the line of creditors.
GMX stock recovered once before from penny stock territory. But investors likely won't recover from this event.
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.