Eagle Bulk Shipping restructuring

Eagle Bulk Shipping has successfully completed its court-approved financial restructuring.
Sophocles Zoullas, who remains chief executive, said Eagle Bulk Shipping now has a strong balance sheet and significantly enhanced liquidity.
Sophocles Zoullas added that the restructuring had placed Eagle Bulk Shipping in a “far stronger position to compete in the cyclical shipping markets.” Sophocles Zoullas said it has been able to reduce its debt obligations by 80%, or about $1bn, as well as lower its annual cash interest expense.
Eagle Bulk’s plan of reorganization was confirmed by the US Bankruptcy Court for the Southern District of New York in late September. Under the terms of the plan, the lenders converted their debt into 99.5% of the new equity with Oaktree Capital Management leading the way.