Nasdaq-listed supramax specialist Eagle Bulk has again extended its forbearance and standstill agreement with its creditors overnight as it continues to try and find a solution in relation to debt that it can no longer afford to service.
The forebearance period was due to expire last night, until it was extended for the seventh time, and will now expire at 11:59p.m. on March 29.
The creditor agreement relates to a $275m exit financing facility Eagle Bulk secured from its lenders in October 2014, which comprised a $225m term loan and a $50m revolving credit facility. The financial restructuring aimed to boost Eagle Bulk’s balance sheet and liquidity after the shipowner filed for Chapter 11 bankruptcy in August that year.