Eagle Bulk is locked in talks with key lenders following a loan breach that led it to miss a scheduled repayment. The bulker owner has secured a forbearance agreement running until 2 February to thrash out a solution with its banks. In a statement, Eagle said it was in breach of a facility with ABN AMRO and other lenders following “apparent violations in the provision of shipping services for third party charterers with respect to the transportation of cargo”. This meant it was not possible for the company to access cash in a revolver and subsequently missed an instalment payment last week.
