Lenders to Eagle Bulk Shipping Inc gave it a few more days to negotiate a deal to boost its liquidity and avoid default.
The supramax specialist Eagle Bulk has extended its forbearance and standstill agreement with its creditors by a further three days to give it more time to find a solution to the money it owes in loans.
EGLE’s lenders say they will waive the minimum liquidity covenant set forth in the loan agreement until the end of March 8 or until “the occurrence of any event of default under the loan agreement other than a specified default."
This is the fifth time Eagle Bulk has extended the period with its creditors.
According to Zacks Investment Research, “Eagle Bulk Shipping is the largest U.S. based owner of Handymax dry bulk vessels. Handymax dry bulk vessels range in size from 35,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.”
Eagle Bulk Shipping Inc., through its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including iron ore, coal, grain, cement, and fertilizers.
As of March 31, 2015, it owned and operated a fleet of 45 oceangoing vessels, which include 43 Supramax and 2 Handymax vessels with a combined carrying capacity of approximately 2,451,259 deadweight tons. The company was founded in 2005 and is headquartered in New York, New York.