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August 6, 2014
09:15 EDTEGLEEagle Bulk Shipping reaches agreement with lenders
Eagle Bulk Shipping has entered into a Restructuring Support Agreement with lenders holding more than 85% of the loans outstanding regarding the terms of a balance sheet restructuring with the aim to strengthen Eagle Bulk's financial position, reduce its debt obligations by approximately $975M, and significantly enhance liquidity. Eagle Bulk, the parent company, has commenced a voluntary "prepackaged" chapter 11 case to facilitate a prompt exit from the financial restructuring process without disruption to Eagle Bulk's business. Eagle Bulk has also obtained a commitment for up to $50M of debtor-in-possession financing from certain of its lenders which, subject to Court approval, will significantly enhance liquidity. The lenders will convert their debt into 99.5% of the new equity in the reorganized Eagle Bulk, subject to dilution, and receive a cash distribution from the proceeds of an exit financing facility. All existing equity interests in Eagle Bulk will be cancelled, with such equity interests receiving, subject to dilution, 0.5% of the new equity in the reorganized Eagle Bulk and seven-year warrants to acquire an additional 7.5% of the new equity in the reorganized Eagle Bulk.
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