US Bankruptcy Court in New York, judge Judge Sean Lane has approved Eagle Bulk Shipping’s pre-packaged restructuring plan, setting the stage for a quick exit from bankruptcy.
Eagle Bulk, New York bulker owner, filed for bankruptcy just over a month ago with a fleet of 45 handymax and supramax size vessels.
Sophocles Zoullas-led Eagle Bulker’s restructuring plan sweeps away $975m in debt but gives the holders of credit facilities an initial 99.5% of the common shares in the restructured owner. Existing equity holders receive just 0.5% in the Eagle Bulk that will emerge from bankruptcy. Nasdaq-listed Eagle Bulker’s total $1.2bn credit facilities.
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